Cision PR Newswire
American Supermajor Chooses Windward to Enhance its Trade Compliance Processes and Mitigate Risk in a Turbulent Oil Trading Environment
News provided byWindward
Jan 24, 2023, 7:00 AM ET
With the new price cap set on Russian oil in effect, the oil supermajor will integrate Windward's Maritime AI™ solutions to streamline their due diligence processes and enable business readiness
LONDON, Jan. 24, 2023 /PRNewswire/ -- Windward (LSE: WNWD), the leading Maritime AI™ company, announced today a 3-year enterprise contract with one of the world's largest publicly traded international oil and gas companies. This American supermajor is the most recent partner, alongside Shell and bp, to utilize Windward's solution to enhance due diligence and to streamline trade compliance processes, empowering them to conduct business as usual in the current precarious oil trading ecosystem.
The ongoing Russia-Ukraine war has seen the introduction of new regulations by the Office of Foreign Assets Control (OFAC) and other Western coalition members, including a price cap on Russian oil which came into effect on December 5th, and an upcoming cap on all Russian oil products set for February 2023. These regulations hold all players in the maritime industry accountable for higher levels of due diligence.
Adding to these complexities, there has been a 319% increase in dark activity connected to Russian oil in 2022 compared to 2021. As such, counterparty due diligence has become a necessity for any stakeholder in the maritime trade industry to make sure they aren't conducting business with bad actors, particularly those involved in trading oil and clean products.
The company will use Windward's platform to screen all vessels associated with the company in any capacity, including chartering, procurement, and all activity involving the Supermajor's ports and terminals facilities. Windward's platform will quickly and effectively verify that potential business partners are not a compliance risk and flag any suspicious behavior, enabling them to conduct business with confidence.
"We are thrilled to announce that another supermajor has chosen to employ our best-in-class technology for regulatory compliance and risk analysis, a critical step that all oil and gas industry stakeholders should take given recent sanctions and the increased complexity of the trade," said Ami Daniel, Co-Founder and CEO of Windward. "The current regulatory climate requires all industry stakeholders to take a step into the future and digitalize their due diligence and sanctions compliance processes, and we are proud to facilitate this transformation in the global energy industry."
Windward's Maritime AI platform is powered by advanced machine learning and behavioral analytics models, providing customers with insights into vessel behaviors, ownership structures, and company risks, and predicting in real-time which companies and vessels are likely to be high risk. Windward's solutions enable companies across the maritime trade industry to streamline business operations.
Windward (LSE: WNWD), a publicly traded company on the London Stock Exchange, is the leading Maritime AI™ company, enabling organizations to achieve business and operational readiness. Windward's AI-powered solution allows stakeholders including banks, commodity traders, insurers, and major energy and shipping companies to make real time, predictive intelligence-driven decisions, providing a 360° view of the maritime ecosystem and its broader impact on safety, security, finance, and business. For more information visit: https://windward.ai/.
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