Kharon And WiseTech Global Work Together To Uncover Hidden Risks In Meeting Sanctions

Kharon and WiseTech Global work together to uncover hidden risks in meeting sanctions

Kharon, the research and data analysis firm focused on security threats and other controversies affecting global commerce and finance, and WiseTech Global, a leading developer and provider of software solutions for the global logistics industry, announced today that they have partnered to improve sanction and risk compliance by providing their customers with access to more accurate information.

Through the partnership, WiseTech Global’s CargoWise customers will gain access to Kharon’s 50-plus data set, which covers thousands of companies in hundreds of jurisdictions and in various industries, including shipping and logistics, that may and may be majority-owned by sanctioned parties are considered sanctioned by law. This information is critical to the identification and management of risks related to the OFAC and 50% rule of EU equivalents.

In addition to the 50- plus data set, customers will also have access to the Kharon maritime data set via the integrated logistics platform CargoWise from WiseTech Global.

Also Read: Top Challenges SOC Teams Need to Address in 2021

Victoria Lumb , Head of Sales at Kharon said,  “Sanctions are one of the core areas of Kharon, which means that our subject matter experts are able to challenge business challenges, such as 50% ownership, with unparalleled depth and coverage. We are not going to stop at 3 or 4 degrees of majority ownership, Kharon will cover them all, in some cases even beyond 10 degrees. This depth of understanding is vital when many of the sanctioned majority ownership companies are held through complex structures that are several tiers below the sanctioned parent company and never appear on a government list.”

Cooper Brindle , Product Manager at WiseTech Global, said,  “For logistics providers who work with different companies around the world on a daily basis, it is vital to be able to screen not only people and companies but also ships for hidden risks. With more nominations and enforcement actions from regulators on the one hand, and improved circumvention tactics of sanctioned networks on the other, customers need the most detailed and up-to-date information we can offer them in order to make informed business decisions. We are excited to work with Kharon and bring this expanded cross-border compliance functionality to our CargoWise users. ”

For more such updates follow us on Google News ITsecuritywire News