The Wire - KYC, November 2024

Introduction

14/11/2024

Introduction

Welcome to this edition of ITIC’s The Wire focusing on all things Know Your Client (KYC). A special thank you to everyone who attended the Know Your Client panel debate last month in association with the Institute of Chartered Shipbrokers to mark Maritime UK Week 2024.
The importance of KYC for ship managers

14/11/2024

The importance of KYC for ship managers

The importance of processes around the topic of Know Your Client (KYC) is growing rapidly. Ship managers must ensure compliance with international regulations and protection against various risks. 
Who is your client?

14/11/2024

Who is your client?

Surveyors rarely receive instructions from their actual client. Instructions are received by insurance brokers, P&I claim handlers, lawyers or managers on behalf of their client. Sometimes, as the following claim describes, you may even not have a principal.
Fraud alert

14/11/2024

Fraud alert

For a number of years one of ITIC’s members had acted as a charterer’s broker for a steel trading company. They were asked to find a ship to lift a cargo of steel coils and circulated the requirement to their usual contacts. They were unable to find acceptable tonnage.
5 essential tips for customer due diligence in shipping

14/11/2024

5 essential tips for customer due diligence in shipping

KYC processes are critical for mitigating risks and ensuring compliance in the maritime industry. Understanding and implementing these steps can help you manage business relationships effectively and avoid potential financial and operational pitfalls. 

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