CargoWise partners with Kharon to boost sanctions and risk compliance

CargoWise has partnered with Kharon, the research and data analytics company, to boost sanctions and risk compliance by offering CargoWise customers access to more precise intelligence.

The partnership will give CargoWise customers access to Kharon’s 50 Plus dataset which covers thousands of entities in hundreds of jurisdictions and across multiple industries, including shipping and logistics, that may be majority owned by sanctioned parties, and considered sanctioned-by law.

This information is critical for identifying and managing risk with respect to the OFAC and the EU equivalent’s 50% Rule.

As well as the 50 Plus dataset, CargoWise will also have access to Kharon’s Maritime dataset.

CargoWise Product Manager, Cooper Brindle, said: “For logistics providers operating with different companies across the world on a daily basis, being able to screen not just people and companies, but vessels, for hidden risk is critically important.

"With more frequent designations and enforcements from regulators on one hand, and improved evasion tactics by sanctioned networks on the other, clients need the most detailed and up-to-date intelligence we can offer them to make informed business decisions.

"We’re pleased to be partnering with Kharon and providing our CargoWise users with this enhanced cross-border compliance functionality.”

Victoria Lumb, Head of Sales at Kharon, said: “Sanctions is one of Kharon’s core areas of focus which means our subject matter experts are able to really scrutinize challenges for businesses, such as 50% ownership, with unparalleled depth and coverage.

"We will not stop at 3 or 4 degrees of majority ownership, Kharon will capture all, going beyond 10 degrees in some cases.

"This depth of understanding is vital when many of the companies with majority sanctioned ownership are held through complex structures, several degrees downstream from the sanctioned parent, and never appear on any government list.”

Want to find out more about CargoWise’s extensive Denied Party Screening offering? Learn more