UNICORN PRIVATE Sanctions risks in logistics and shipping: what to check
In short
Logistics and shipping companies handle goods and parties from many countries, often with little time to check.
The main risks are listed shippers and consignees, sanctioned vessels, prohibited goods and routes that hide the real destination.
Check every party to the shipment and every vessel against the sanctions lists before you accept the job.
Typical sanctions risks in this industry
- Shippers, consignees, notify parties or agents that are on a sanctions list.
- Vessels that are listed or owned or managed by listed companies.
- Goods whose transport to a given country is prohibited by sanctions.
- Transshipment through third countries to hide the real destination.
- Payments from banks or companies linked to sanctioned countries.
Recommended checks
- Screen shippers, consignees, notify parties, agents and banks against the sanctions lists for every shipment.
- Check vessels against the lists, including their owners and managers.
- Compare the goods and the destination with the trade restrictions in force.
- Watch for unusual routes, documents that do not match and last minute changes of consignee.
- Keep records of the checks for every shipment.
Official sources
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Frequently asked questions
Do sanctions apply to freight forwarders?
Yes. Sanctions prohibit making funds, goods and services available to listed parties, and transport and logistics services are included.
Why check vessels as well as companies?
Some vessels are designated by name, and others belong to or are managed by listed companies.
How often should shipments be checked?
For every shipment, because the lists change often and a party that was clear last month can be listed today.
The program can make mistakes. The final responsibility for compliance stays with your company. Unicorn Intelligence is an information tool. Decisions and legal obligations, including sanctions compliance, due diligence and tender participation, remain with the customer.
Unicorn Intelligence checks your clients and suppliers against the sanctions lists every day.