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Panama Flag adopts Pole Star’s sanctions compliance tool

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The Panama Maritime Authority (AMP), which oversees Panama’s Ship Registry has adopted Pole Star's PurpleTRAC solution to ensure compliance to International sanctions across its registry operations and is the first in the sector to do so.

"It is very important that we could ensure our business is able to comply with an ever increasing and complex regulatory landscape. As the world’s largest Flag, by both ships and tonnage, we felt it was essential for us to lead our industry by adopting these new technologies that can protect our teams and our clients, and ensure that all efforts are made to comply with sanctions and regulatory policy worldwide. The Pole Star ‘PurpleTRAC’ solution enables us to screen our entire fleet on a daily basis, and guarantee we have the clarity we need to comply,” said Fernando Solorzano head of Panama Ship Registry."

“Pole Star has been providing Long-Range Identification and Tracking services to over 50 Flags since 2008 - in essence, global persistent ship tracking of their registered fleets - and over this period has become a trusted party through understanding the challenging geopolitical world in which they operate,” commented Julian Longson, Pole Star’s managing director.

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Pole Star’s PurpleTRAC solution has been designed and built in conjunction with institutions that have regulatory and sanctions exposures in maritime transportation and supply chains. The platform allows its clients to screen and monitor large numbers of vessels used for sea trade on a daily basis, automating complex compliance processes and generating an auditable record of their compliance with international trade sanctions. 

“We have been referenced in United Nations Security Council advisories for defining best practice on these processes - and have been awarded for innovation in maritime regulatory technologies by the Monetary Authority in Singapore, Microsoft, Citibank, C5 & The Shield in the Cloud 2017,” added Longson.

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