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Kharon And WiseTech Global Partner To Expose Hidden Risk In Sanctions Compliance

Kharon, the research and data analytics company focused on security threats and other controversies that impact global commerce and finance, and WiseTech Global, leading developer and provider of software solutions to the logistics industry globally, announced they have partnered to boost sanctions and risk compliance by offering clients access to more precise intelligence.

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The partnership will give WiseTech Global’s CargoWise customers access to Kharon’s 50 Plus dataset which covers thousands of entities in hundreds of jurisdictions and across multiple industries, including shipping and logistics, that may be majority owned by sanctioned parties, and considered sanctioned-by law. This information is critical for identifying and managing risk with respect to the OFAC and the EU equivalent’s 50% Rule.

As well as the 50 Plus dataset, clients will also have access to Kharon’s Maritime dataset through WiseTech Global’s integrated logistics execution platform, CargoWise.

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Victoria Lumb, Head of Sales at Kharon, said: “Sanctions is one of Kharon’s core areas of focus which means our subject matter experts are able to really scrutinize challenges for businesses, such as 50% ownership, with unparalleled depth and coverage. We will not stop at 3 or 4 degrees of majority ownership, Kharon will capture all, going beyond 10 degrees in some cases. This depth of understanding is vital when many of the companies with majority sanctioned ownership are held through complex structures, several degrees downstream from the sanctioned parent, and never appear on any government list.”

Cooper Brindle, Product Manager at WiseTech Global, said: “For logistics providers operating with different companies across the world on a daily basis, being able to screen not just people and companies, but vessels, for hidden risk is critically important. With more frequent designations and enforcements from regulators on one hand, and improved evasion tactics by sanctioned networks on the other, clients need the most detailed and up-to-date intelligence we can offer them to make informed business decisions. We’re pleased to be partnering with Kharon and providing our CargoWise users with this enhanced cross-border compliance functionality.”

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