Skytek Sanctions solutions are essential to any Risk Based Compliance and Mitigation Framework, providing automated, cost- effective sanctions specific data, facilitating the identification, management, monitoring and mitigation of sanctions risk in a transparent and auditable format, meeting the requirements of the market, law enforcement, regulatory and market authorities.
Skytek goes beyond AIS to provide satellite optical (Earth Observation) and Synthetic Aperture Radar (SAR) imagery employing tried, tested, and trusted state of the art Artificial Intelligence, Machine Learning and data analytics unique to Skytek, to analyse current and historical voyage patterns and raise graded automated alerts and Risk Rating highlighting potential “Dark Trade” activities in sanctioned zones, suspicious STS partner vessels, irregular sailing patterns and other recognised Sanctions Evasion Tactics .
Employing Skytek Sanctions solutions demonstrates management commitment to sanctions compliance and risk mitigation, saves time and money by reducing false positives, facilitates informed risk assessment, enhances internal controls and provides a solid platform for training, testing and auditing.
At the same time this user- friendly technology automates Sanctions Screening, reduces the Operational Risk (the failure of people, processes, systems and controls) of inadvertent sanctions breach, protects against civil and criminal penalties, regulatory intervention and reputational damage.
Skytek Sanctions Solutions provides actionable, decision- making, science-based data which converts suspicions to evidence.
Through analysis of internationally recognised Sanctions Evasion Tactics Skytek’s unique Sanctions Risk Rating can be applied to individual vessels and worldwide fleets, owners and ship operators, amongst others, to support the decision as to whether or not to underwrite, premium setting, triggering due diligence and enhanced due diligence, notifications to relevant authorities and guiding claims payments.
Skytek ‘s Sanctions Risk Rating incorporates numerous practices which may or may not breach sanctions requirements, but which are internationally recognised as connected to illicit or suspicious shipping activities associated with sanctions busting.
Skytek Sanctions facilitates compliance with multi-national, regional and local laws, regulations and guidance and can be tasked to include the specific requirements of multiple countries, as updated from time to time.