Data-driven due diligence is the key to unlocking proper implementation of compliance policies within any organization.
We have identified that it is impossible to successfully tackle regulatory requirements and implement a compliance decision process without addressing basic data requirements that affect each step of the due diligence process.
Without proper guidance on extracting, cleansing, validating, identifying, standardizing, and enriching transactional data, an organization cannot ascertain that it knows its data. No business can therefore rely on the due diligence information and screening produced by unreliable data, as it will be impossible to mitigate the risk of false negatives with faulty output.
Supported by industrial-scale processes, systems, as well as a competent team of focused compliance specialists with maritime, legal, due diligence and banking backgrounds, we believe that Marcura Compliance is uniquely positioned to drive the delivery of compliance screening and support the maritime industry.
We also believe that by taking a data-driven approach to due diligence, we can enable our clients to make informed decisions and manage risks effectively. Our commitment to providing high-quality data and analytics has helped us establish ourselves as a trusted partner in the industry, and we remain dedicated to continuously improving our data collection and analysis processes to ensure that our clients have access to the insights they need to make informed decisions.
Addressing Poor Data Quality Issue:
An integral part of our KYC, KYCC and onboarding due diligence process is the structured, specialist-driven prescreening enhancement, cleansing, verification of data and data stewardship in Marcura Compliance Entity Management System, our backend system, through which:
Vessels, Organizations, Corporate Officers, along with their locations, addresses, and relationships are identified and screened separately;
Legal forms and abbreviations are separated by design to minimize false positives triggered by common keywords; and
All possible combinations (including variant spellings) are screened to minimize the risk of missing a true hit.
The below flow chart shows that a counterparty may have multiple variations of its name, especially when translated or transliterated from other languages. Likewise, legal forms and names of cities, locations, ports, may also have multiple spellings and variations. There is an abundance of cases where some of the world’s biggest companies were fined because
their screening systems did not cater for this and had missed an actual hit – resulting in a transaction that violates global sanctions.
For a comprehensive understanding of Marcura Compliance Data Sources, please click here.