How organizations are utilising artificial intelligence to monitor the risk of sanctions in the Black Sea and beyond | Technology

How organizations are utilising artificial intelligence to monitor the risk of sanctions in the Black Sea and beyond | Technology
How organizations are utilising artificial intelligence to monitor the risk of sanctions in the Black Sea and beyond?

How corporations are using artificial intelligence to monitor the risk of sanctions in the Black Se organizations a and elsewhere?

In the wake of the Ukraine conflict, AI-based data analysis is helping navigate isolated waters created by sanctions on ships, companies and people linked to Russia.

Yasha Jupiter and Queen Namura were stuck

When a bulk carrier was hit by a missile in late February while docking at a port off the coast of Ukraine, the crew on board was not only at risk. Participate in a complex web of shipowners, shipping operators, banks, energy companies and other companies looking to ship coal and wheat.

But it's not just the threat posed by Russian missiles that disrupts the flow of supply chains in the Black Sea region. This is water crushed by sanctions on ships, companies and individuals linked to Russia. The Ukraine conflict has highlighted technology from companies such as Quantexa, Windward and Skytech, which use AI-based data analytics to monitor risks posed by authorized entities — such as money laundering to prevent financial fraud. Goods are valid or flagged.

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According to Skytech, a provider of injunction compliance assessment software, the damage to the two cargo ships, worth nearly $30 million, was negligible, although one of the Namura Queen's crew was not life-threatening. The ships were among 120 cargo ships at Ukrainian ports when they were hit, before the Ukrainian military halted commercial shipping at its ports following an initial attack by Russian forces on the country.

The data is a sample of information provided through Skytek software, which uses machine learning and data analysis to assess current and historical flight patterns and alert customers of suspicious activity in approved offshore areas.

At a news conference on Thursday, when President Joe Biden announced a new round of sanctions targeting 400 individuals and entities affiliated with the Russian government, a reporter asked him if he thought the measures would affect Russia's changing course in Ukraine. "You're playing with me," replied a desperate Biden. Earlier, he said, "I didn't say sanctions would actually stop [Russian President Vladimir Putin]. Sanctions will never stop."

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Whether or not they directly prevent Putin from continuing to invade Ukraine, data from Windward — another agency that provides AI-based analytics software for maritime risk assessments — has shown that regulatory or “ethical” sanctions appear to have some effect.

Windward co-founder and CEO Amy Daniel said, "Western markets have completely shut down any business that has nothing to do with Russia." This means that when it comes to companies or ships that have some ties to Russia, "a lot of People won't touch you with sticks now."

Currently, Windward's clients are scouring its software platform to help them report on how Russian companies are responding to sanctions. "We have a very risk-averse German client who, for the past 24 months, doesn't want to do any business with anyone near these places," Daniel said.

Lloyds List Intelligence also provides data-driven and artificial intelligence analysis tools for maritime risk monitoring. But unlike emerging rivals, the company launched a large print newspaper in 1734 to advertise the ship's in and out of a London café. It still retains its media arm, reporting earlier this month that "forwarders have decided not to carry cargo destined for Russia or Ukraine or even neighboring countries, citing reputational risk and potential difficulties in paying insurance claims."

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Russian ships go home to refuel

Windward provides clients with customized views of ships in countries of particular interest, such as Russia, Venezuela, Iran or Myanmar, over time. The company feeds satellite learning, radio frequency data, weather data, vessel ownership, shipping data, port data and sailing schedule data into deep learning models designed to take customer risk and then risk related to bans or other laws and regulations. . For example, the system pulls imagery data from hundreds of satellites that measure specific sea areas every day through an API.

Windward has published reports in recent weeks, particularly on Ukraine and the Black Sea region, where the onslaught of Russian incursions has sharply reduced port activity around Ukraine.

However, the movement of all cargo ships did not stop. In fact, based on an analysis of vessel tracking in the region, Windward reported on March 22 that general cargo and oil tankers connecting to Russian ports increased by nearly 44% in the following week. The agency cited a key piece of information presented in its analysis: a 60 percent increase in calls at Russian ports, linked to Russian-flagged vessels.

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That could mean the ship went home before it got stranded, Daniel said. "These Russian ships are coming to the country, and we think the reason is that no one will sell their bunker fuel," he said, adding that about 50 percent of bunker fuel suppliers would not supply them. So they are in a difficult situation. "

Jumping between science and oligarchy

Tracking risks associated with high seas sanctions is one of the areas companies must monitor. Financial institutions are using advanced analytics and machine-learning-based software to take Russian citizens and oligarchs one step further, recently adding them to the U.S. Treasury Department’s sanctions list.

Entity resolution is a key component of the process used by companies including Windward and Quantex to identify suspicious actors, using web analytics to identify potential financial fraud, such as money laundering. The Quantexa system automatically creates a contextual network, a graph of links that connect the target entity to other shell processes or suspicious individuals.

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To isolate potential fraudsters, financial fraud detection programs utilize information from a variety of sources, from Swift wire messages and risk data from Bureau Van Dijk's Orbis and RDC grids to less well-defined sources, such as through reports of breaches. Financial records data files uncovered by news investigations. Pandora and Panama.

Clarke Frogley said Quantex is the head of Financial Crime Solutions. He continued, "But guess what? He's a major shareholder in three other companies they're dealing with, or two other clients we're not waiting for."

On the water, Windward will have to navigate a naval version of the oligarchic shell game to resolve the ship's identity. According to Windward, ships are often associated with multiple nationalities because they are associated with multiple owners, each performing a different task on a single vessel. Windward collects multiple sources and positioning data of ships to detect flag hopping, a manipulation technique that avoids penalties and fishing regulations by changing the country of a ship's registry.

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Among Windward's client companies, freight traders or legal entities use their analytics to determine whether they should cancel booked invoices or other agreements that could be subject to Russia-related sanctions. Daniel said contracts related to trade plans for the next six months or more could be cancelled if deemed too risky, adding, "Listen, force majeure. Unfortunately."

Source: Kate Kaye, Protocol, Direct News 99