Global Trade Controls, Transaction Monitoring & Sanctions Compliance
About The Course
Complying with sanctions regulations in maritime & shipping involves a multifaceted approach to risk assessment. Many types of commodities present different levels of risk; and the complex supply chain – often involving regulators, agencies, JV partners, brokers, financial institutions, insurers and other players – multiplies the challenge in maintaining a sanctions compliant programme.
Updated with recent case studies and practical exercises, this 2-day seminar allows you to stay on top of critical red-flags and high-risk sectors in shipping, latest economic sanctions, particular considerations in documentation management, record-keeping, contracts of affreightment, and best practice in due diligence.
Key Learning Outcomes & Case Studies Include
- Updates on global, regional, multi-lateral and unilateral sanctions
- Case studies of sanctions breaches: insurers, banks, bunker supply, shipping, shippers
- Sanctions clauses for charter parties, bills of lading and cargo insurance policy
- Sanctions statistics and key preventive measures
- Vessel/Cargo Sanctions Screening & Due Diligence Process
- Mitigating sanctions risks and developing sanctions-compliance programme
K. Murali Pany
Managing Partner, JTJB LLP
Murali has been in practice for 22 years. Since 2013, he has been the Managing Partner of JTJB. He is accredited by the Singapore Academy of Law as Senior Specialist in Maritime & Shipping Law. He is listed as a recommended lawyer in Legal 500 (2019), a distinguished practitioner in Asialaw Profiles (2020) and one of Singapore’s top 100 lawyers in the Asian Business Law Journal (2019)
Murali’s practice focuses on Shipping and Commercial matters. He has acted for and advised a wide range of clients, including shipowners, international banks and MNCs, on a broad spectrum of cases.
Murali has also presented at conferences both locally and internationally on an array of commercial and maritime topics. These include engagements on international sanctions and regulations, regulatory challenges, the legal issues and risks involved in ship-to-ship transfer operations and the global sulphur cap.
Partner, JTJB LLP
As the head of JTJB’s Regulatory and Compliance practice, Nicola’s work involves advising clients on both the contentious and non-contentious aspects of regulatory matters. She is an Associate member of the International Compliance Association, a certified individual under the Institute of Banking and Finance Singapore, a member of the Law Society’s Anti-Money Laundering Committee and contributes to intergovernmental bodies such as the Financial Action Task Force.
Nicola has substantial experience in the areas of Shipping & Admiralty and Commercial Dispute Resolution. She has been involved in shipping and commercial litigation and arbitration matters both locally and internationally. She has represented clients in a broad range of shipping disputes including a recent matter where she advised a major lubricant company on a matter involving the arrest of Iranian vessels. She has acted for P&I clubs, listed commodities companies, shipbrokers, shipowners, international banks, and various international entities.
Nicola’s diverse background in multi-jurisdictional dispute resolution has equipped her with the ability to provide clients with a holistic perspective on regulatory and compliance issues.
Live Online Learning
Stay Home. Skill Up!
The current Covid-19 pandemic has put strains on various areas of business, especially when it comes to deriving commercial value from new initiatives. During this phase of self-isolation and working from home, we can help you meet your professional development needs and you can still take your professional development plans to the next level.
To support your learning goals we have converted our face-to-face trainings to LIVE Online Sessions. This way you can continue to attend live and interactive training sessions within the virtual classroom space where you can see and speak, with your Subject Matter Expert and other participants.
Benefits of Live Online Learning
Aimed at offering you immediate, high-quality practical information whilst minimising time and expenditure associated with travelling, our digital training platform enables you to interact in real time with course directors and remotely network with your fellow participants.
- Classroom Experience: Progress with fellow participants as you would in an on-site class
- Guaranteed cost-effectiveness: Travel budget saving, plus 20% price advantage for online participation
- Controlled environment with speakers managing the Q&A and discussions and tools for enhanced interactions
- Module-based approach to effectively manage your time and revisions
- Earn your Digital Certification and broadcast your achievements to your peers
- Onboarding: Available for all attendees
- Proven and secure training platform
Upon completion of this training course, participants will earn a digital badge.
Attend and participate in the 2 full days of training course duration, led by the designated training expert
CURRENT OVERVIEW OF TRADE CONTROLS AND SANCTIONS FOR THE MARITIME INDUSTRY
What are sanctions
- Difference with trade controls and customs
The different types of sanctions
- Multi-lateral and uni-lateral
- Economic sanctions
- Main regulators
Global and secondary sanctions
- UN, EU, ASEAN, US, etc
RED FLAGS, RISK INDICATORS AND BREACH
Red-flags, risk indicators and evasion of sanctions
- Automated identification systems (AIS)
- Sale, supply, transfer
- Transshipment Diversion (e.g. concern with repair & maintenance)
- Oil, gas STS transfers
- Falsifying documents
- Substantial transformation
- Mixing of cargo/commingling
Breach – Consequences and case studies in Shipping
- Bunker supply
IMPLICATIONS AND INVASION AVOIDANCE FOR THE SHIPPING INDUSTRY
- Due diligence
- Transacting with Chinese Shipowners
- Arresting an Iranian vessel in Singapore
- Documents management (BOLs, COO, invoices, proof of insurance, ports of call, etc)
Compliance and Risk Management Clauses in Bills of Lading/Charterparties
- Voyage charter party sanctions clause
- BIMCO sanctions clauses for time charter parties
- BIMCO Designated Entities Clause for Time Charters
Group Exercise: Getting your Bill of Lading T&C right to manage sanctions and trade controls
Sanctions from P&I clubs’ perspective:
- Sanctions clauses in a marine cargo insurance policy
- Sanctions limitation and exclusion clause
- AIS manipulation clauses
- Statistics and key preventive measures
SANCTIONS SCREENING & DUE DILIGENCE – BEST PRACTICES
The importance of screening and the due diligence process
- Restricted party screening
- Vessel/Cargo Sanctions Screening & Due Diligence Process
- Vessel sanctions screening
- Flag, name, IMO number, parties associated
- Vessel movement history
- Ownership of vessels
- Petroleum supply
- Payment screening
- Vessel identifications & sanctions screening process –
- best practices
- Vessel identification & sanctions screening, ownership screening
- Vessel tracking (voyage, port calls)
- Petroleum supply, STS transfers
- Know your customer
- Corporate details
- High-risk countries & industry assessments
- Dual-use goods screening: regulatory guidance
Managing sanction risks – developing a sanctions compliance programme
- Risk-based vs rule-based process
- Regular/routine vs Significant events
- Resources, Expertise and Experience
- Training, record keeping, reporting and reviewing
- Third party management
- Automated sanctions screening solutions
- Data extraction & analyses with OCR, NLP, RPA, AI
On-site & in-house training
Deliver this course how you want, where you want, when you want – and save up to 40%! 8+ employees seeking training on the same topic?
Talk to us about an on-site/in-house & customised solution.