Emirates SkyCargo has signed multi-year deal with Accuity to optimise its sanctions compliance and export control programmes, as the Dubai-based air cargo carrier attempts to set new standards and navigate the increasingly complex area of global trade compliance.
The freight division of Emirates today announced that it is working with Accuity, a leading global provider of financial crime compliance, payments and Know Your Customer (KYC) solutions, to help automate and streamline its regulatory compliance screening operations, increase efficiency and improve the speed of service to its customers.
Emirates Sky Cargo has implemented Firco Trade Compliance, an Accuity solution that efficiently screens shipment documentation (such as airway bills) against sanctions, dual-use goods and regulatory watch lists, within a single interface.
The new solution enhances Emirates SkyCargo’s current process, enabling the business to automate approximately 6 million compliance checks each month. This will significantly improve efficiency, while enabling Emirates to uphold the extremely high compliance standards that sit at the heart of its ethos.
Henrik Ambak, Emirates senior vice president for cargo operations worldwide, said: “Our top priority is to continue to adhere to regulatory requirements and manage our screening obligations accurately. Working with Accuity has enabled us to screen our very high volumes of shipments more efficiently ensuring that we comply with all international regulations.”
Firco Trade Compliance is an award-winning solution that was originally developed to enable banks to detect sanctions risks in trade finance transactions. Through collaborative innovation with clients, Accuity has adapted the offering to cater to the freight industry’s large-scale and highly complex operational requirements.
Emirates said cargo operators were responsible for conducting due diligence on the parties and items involved in every shipment they facilitate. This includes verifying the legitimacy of the sender and recipient, checking for dual-use or controlled goods – for example, those that could have a military purpose – and ensuring the shipment is not going to or coming from a prohibited location.
It said Emirates “will now be able to screen shipment documentation against a variety of regulatory lists, such as the OFAC sanctions list and the EU dual and controlled goods list. Firco Trade Compliance also allows the analysis of bespoke datasets so, for example, Emirates will be able to screen goods against an endangered wildlife list, all within the same system”.
Ambak added: “Emirates SkyCargo is firmly committed to the prevention of illegal wildlife trafficking and with the functionality of the Firco Trade Compliance system, we will now also be able to more effectively identify any wilful mis-declaration of wildlife goods that are shipped illegally.”
Sophie Lagouanelle, vice president of Financial Crime Screening at Accuity said: “This project marks a significant milestone for Accuity in our strategy to expand our screening offering to the cargo industry. By working in close partnership with Emirates SkyCargo, we are redefining best practice and setting a new standard of compliance for other cargo operators to follow.”
Emirates SkyCargo is the world’s largest international air cargo carrier, connecting cargo customers to over 155 cities and operating in many of the world’s fastest developing markets. Its cargo capacity comprises Emirates’ fleet of over 270 aircraft, including 11 Boeing 777 freighters.