Problem Statement

Screening Entities, Individuals, and Vessels During Shipment

The client is a prominent financial institution that specializes in providing credit to buyers in the global market through their Blockchain powered Supply Chain Financing and Invoicing Solutions

As part of their due diligence process, they employ SAMS for AML screening.

During a routine AML screening of a transaction involving the transportation of materials from Chennai, India, to the USA, the client received an un expected result. While the buyer and seller entities, as well as their signatories, showed no alerts, SAMS flagged the vessel carrying the materials. 

Upon further investigation, it was revealed that the vessel had been sanctioned almost a decade ago in 2014. The ship had been transporting nuclear material and was ordered to be scrapped in Ahmedabad, India. The detection of this sanctioned vessel highlighted the efficacy of SAMS in scrutinizing not only the involved entities but also the vessels involved in transactions.

Solution Approach

Integrated One-click Screening

SAMS has been designed to enable financial institutions globally to screen individuals, entities, vessels, and aircrafts against sanctions and watchlists. With seamless integration through APIs, SAMS enables clients to receive real-time results during customer due diligence/transaction processing, as well as enable real-time ongoing monitoring. In this case, the client was able to identify the sanctioned vessel promptly at the time of the transaction, preventing potential legal and financial repercussions.

Client Impact

Robust AML Compliance

The revelation of a vessel carrying nuclear material being in operation a decade after sanctions underscored the significance of robust AML screening solutions. SAMS not only protected the client from engaging in a transaction with a sanctioned entity but also contributed to global security by flagging a sanctioned vessel.

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