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The True Cost of Financial Crime (16) | Pole Star - YouTube
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World trade is estimated
at around $17 trillion
[4]
annually with over 90%
of all traded goods
[8]
transported by sea.
For trading companies,
[11]
the banks that finance them,
and the shipping industry,
[14]
the regulatory landscape has
never been more complex.
[18]
Our reporter went to find out how Pole Star
[20]
and their alliance partner
Dow Jones
[23]
are helping companies
manage these risks.
[26]
[Music.]
[31]
Rhiannon: 90% of world
trade travels by sea.
[34]
Maritime regulatory technologies
have become essential.
[38]
As a tech company rooted
in the maritime industry,
[41]
Pole Star's vision is to
create a world
[44]
where all maritime trade
is safe and compliant.
[47]
Michael: You have this huge,
this vast amount of transactions
[51]
that need to be verified.
Transactions that
[53]
people are buying
or selling goods
[55]
and they need to have
this, this ability
[57]
to know where they are,
what they're doing.
[59]
Are they doing what they're
supposed to be doing?
[61]
What we are now is essentially
a leading innovator
[64]
of technology
for maritime,
[66]
mainly a linked to all the trade
activity that exists globally.
[69]
We put together billions
of pieces of information,
[72]
aggregate them
in such a form
[74]
that enables proper
decision-making to take place,
[78]
while having the
compliance, regulatory,
[83]
anti money laundering
compliance,
[84]
have those in place and
they're being fulfilled.
[88]
Essentially what we're doing is
making the whole process safer,
[90]
more transparent,
and more verifiable.
[94]
Rhiannon: World trade, the
banks that finances it
[96]
and the shipping industry
that supports it
[99]
are being increasingly targeted
by regulators globally.
[102]
It's never been more vital for
business to ensure that
[105]
they can keep pace with the ever changing
[107]
sanctions and regulatory
landscape, and comply.
[111]
Simon: One of the
important things about
[113]
regulatory technologies
I think in today's age
[115]
is that when you
look at what banks,
[118]
trading companies, and others
face in these sectors,
[122]
it's – it's becoming
mission critical now
[126]
to automate process
where you can.
[128]
Good technology should
make things faster,
[130]
and simpler, easier, and
recordable and that's
[133]
primarily what
PurpleTRAC does.
[134]
It automates, streamlines
a very complex
[138]
compliance process in terms of
the vital link between goods,
[142]
imports and exports which total
around $17 trillion a year.
[146]
Rhiannon: Pole Star's
innovative RegTech system
[149]
collects valuable compliance data for vessels screening and tracking.
[153]
This data's now used to more
proactively address financial crime.
[158]
Financial crime is now
a global issue which
[161]
brings us here,
to the city.
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The financial industry
and tech companies
[166]
are now joining forces and
the partnership between
[169]
Pole Star and Dow Jones is
the perfect example of this.
[173]
Alex: Dow Jones' core strength
is high quality, trusted data
[177]
to help solve our customers'
compliance needs,
[180]
and Pole Star is one of the
standout technology companies
[184]
that's leveraging that data.
[185]
So this gives us
confidence that the
[189]
collaboration we're working on is
going to set a new standard
[192]
for safeguarding against
criminality in maritime trade.
[197]
Rhiannon: The finance industry recognises the importance
[200]
of safeguarding against
crime in maritime trade.
[203]
Alex: The reasons for this
are three-fold
[205]
there's the massive human
and societal impact
[209]
of this problem. Money
laundering, terrorist financing,
[212]
human trafficking and
other sorts of crime.
[214]
Secondly, there's the financial
cost of being, you know
[218]
fined, if you transgress
and thirdly,
[221]
there's the reputational
damage which is, you know
[225]
typically around 9 times the cost
of any financial sanction imposed.
[228]
Rhiannon: The partnership between
Pole Star and Dow Jones
[231]
isn't the only important
one being forged.
[234]
International defence
thinktank RUSI
[236]
also relies on the help of its
innovative tracking systems
[240]
for its new initiative
project: Sandstone.
[245]
James: North Korea's
network, map them
[247]
and track the ships
behind those networks
[249]
so North Korea has
a lot of illicit shipping
[251]
and we're trying to design
mechanisms to track those ships
[254]
and map the networks
behind them.
[256]
Rhiannon: So what next
for Pole Star?
[258]
Michael: I think the vision
for the company
[261]
is to be an integral part
of maritime activities
[265]
and in particular, trade.
It's almost like being
[268]
a small part of the
gear box of trade.
[273]
But an integral part, because if one part goes
[276]
nothing moves.
[278]
[Music.]
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