Shipowners and P&I clubs turn to predictive intelligence to ensure sanctions compliance

Written by Nick Blenkey
image description

While sanctions-busting countries continue to find new way to cloak their maritime activities, the shipping industry faces increasing sanctions compliance requirements from agencies such as the U.S. Treasury’s Office of Foreign Assets Control (OFAC) and the U.K.’s Office of Financial Sanctions Implementation (OFSI). Shipowners and their insurers are finding that traditional list matching approaches alone can no longer address the complexities of the situation. In response, many are now looking beyond legacy systems to AI-powered solutions for an answer.

One provider of such solutions, London-based predictive intelligence specialist Windward, reports that it now has in place partnerships with a number of maritime industry interests, including four shipping companies – Norden, Eastern Pacific Shipping, Capital Ship Management, Interunity Management Corporation (IMC) – as well as seven member clubs of the International Group of P&I Clubs;

Windward is providing these companies with its proprietary AI-powered predictive intelligence platform. Windward’s solution is powered by MAIA – Maritime Artificial Intelligence Analytics – an advanced AI platform based on 300 behavioral analytics models and over 10 billion data points. MAIA analyzes existing behaviors to predict in real-time which companies and vessels are likely to be high risk, and which are safe to conduct business with.

Windward says its solution is easily integrated into existing workflows, enabling businesses to look to the future and optimize business practices, enabling comprehensive industry compliance and optimizing transparency.

The integration of Windward’s technology by four major global shipping companies is optimizing workflow processes and minimizing risk and financial losses, while also maximizing available partners and vessels to conduct business with.

Likewise, the partnership with the P&I clubs empowers these insurance mutuals to analyze potential policyholder risk and ensure efficient business operations and compliance with the latest regulations and advisories.

“We are thrilled to announce our latest partnerships with four leading global shipping companies and seven P&I Clubs,” said Ami Daniel, CEO of Windward. “Together, we are ushering in the next era of the maritime industry, providing AI-powered predictive intelligence technology for greater transparency, compliance, and optimized business operations. The long-awaited digital transformation in shipping is here and we are excited to lead this shift together with our partners.”

Categories: Compliance, News, Safety and Security, Shipping Tags: , ,