In this episode, we're diving into the murky world of shipping and its challenges for banks. With little oversight and a global reach, the maritime industry presents complex problems for banks navigating regulatory compliance.
Our expert guests, Tom Cardamone and Michael Byrne, CEOs of Global Financial Integrity and the Institute of International Banking Law & Practice, respectively, take us through the increasing pressures on banks to combat sanctions and combat financial crime compliance evasion.
We explore the staggering statistic that 12.2% of active ships and vessels have unknown owners - and with 80% of all goods being imported by sea, the need for greater transparency in vessel ownership is more important than ever! Read the full report here.
But the shipping industry's complexity has caused anxiety among banks, who are struggling to keep up with the expertise and tools needed to navigate these challenges. Tom and Michael provide unique insights into the risks and solutions to help banks stay compliant and understand the importance of monitoring suspicious vessel behavior.
So grab a seat and get ready to uncover the secrets of the shipping industry and why it's causing such anxiety among banks.
From this exciting episode, you'll learn:
Tune in and enjoy!
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