A new strategic alliance between leading maritime fleet monitoring and risk management solution provider, Pole Star and PwC and is aiming to help organisations involved in international trade to better manage their legal and regulatory obligations.
PwC is working with Pole Star to explore new ways to assist financial services companies involved in maritime trade, including trade finance.
Through access to Pole Star’s sanctions compliance screening and vessel tracking solution, clients can manage their sanction-related risk and compliance issues quickly and easily.
Pole Star’s PurpleTRAC solution screens ships and their associates for sanctions compliance and monitors historical and real-time movements.
Commenting on the alliance, PwC Forensics director Ben Luddington said:
“With 90% of world trade transported by sea, and trade increasingly being used as a mechanism to facilitate financial crime, the need for technology to help solve compliance challenges is more crucial than ever.
“We believe Pole Star’s innovation may help many of our clients tackle their sanction-related risk and compliance issues.”
Pole Star Managing Director Julian Longson said:
“The PwC - Pole Star strategic alliance is a powerful proposition that brings together PwC’s corporate experience and industry knowledge with Pole Star’s maritime intelligence experience and the FinTech innovation of our PurpleTRAC sanctions compliance and risk management product.
“Both firms have recognised this unique market position to the extent we believe that the sector will benefit from our collaboration - and to this end we are looking forward to working with the PwC Forensics and Corporate Intelligence teams.”
About Pole Star
Pole Star is a privately owned UK technology company that has been providing vessel monitoring, regulatory compliance & risk management services to the shipping industry since 1998. From our headquarters in London, and via a network of offices located at key international hubs, we have earned a reputation as one of the leading providers of remote fleet monitoring, risk management, ship security, Long Range Identification and Tracking (LRIT) and fisheries monitoring services. Find out more at www.polestarglobal.com.
About PurpleTRAC
PurpleTRAC is a comprehensive sanctions compliance screening & vessel tracking solution for organisations that have exposures to shipping and cargoes and need to know (and be able to prove) who, what and where they are trading with at all times.
Developed with and for organisations with exposures to shipping and cargoes, PurpleTRAC automates complex risk management and compliance procedures in an easy-to-use web-based solution. Learn more at purpletrac.polestarglobal.com.
About PwC
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with more than 208,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.