MCaaS has incorporated a risk-based approach to all its sanctions checks, related to cargo or Entities (Organizations, Vessels, and Corporate Officers).
MCaaS has also established a comprehensive Risk Rating System (RRS) that was created with the focus to promote compliance with all international regulations, restrictions, recommendations and enforcement, as well as to provide a clear risk indicator for our customers.
All countries that are under sanctions and restrictions enforced by the US, EU, UK, and UN, subject to comprehensive embargoes and strict limitations in terms of trade, transactions, and services, irrespective of FATF recommendations or CPI and Basel index scores, are marked as Restricted in MCaaS' self-serve platform MCaaS CORE.
Furthermore, to address not only OFAC’s Sectoral sanctions, Secondary sanctions, and the SDN list, but also sanctions applied by other major regulatory bodies and regulatory lists
MCaaS has implemented a risk-based approach to identifying and screening:
ownership;
key personnel, corporate officers, and close associates;
bank beneficiary, bank name, and country;
associated companies;
associated vessels;
associated cargo;
associated locations.
To help address complex ownership chains and well-known sanctions evasions tactics, MCaaS relies on an extensive data stewardship process of identification, validation, enhancement, and screening of data based on proprietary data governance principles.
Integrated in one of Maritime’s largest services providers, the Marcura Group, MCaaS has access to vast transactional data on maritime players, coupled with bank-grade compliance principles implemented in our KYC/KYCC and screening processes.
All due diligence processes are performed utilizing multiple data sources to verify identity, jurisdiction, and associations, while utilizing complementary processes such as counterparty outreach with KYC questionnaire and document collection.