YACHT MANAGEMENT
SANCTIONS, SEIZURES AND A SECURE FUTURE If ever yacht managers have earned their money, it is in recent times following the invasion of Ukraine by Russian military. Banks, insurers and even governments are asking yacht managers to trace and account for ownership of superyachts as the rest of the commercial world seeks to impose sanctions on those close to and who are seen to be aiding and abetting the Russian despot. It is not an easy task and given the devious ways some superyacht owners go about disguising the true identity of superyacht ownership it is a task that is not going to get any easier in the next few years.
The process of verifying the identity of a customer, either before or during the time that they start doing business with you is increasingly being referred to as know your customer checks or KYC and it is beginning to become one of the more problematic areas that will involve yacht managers over the next few years. New standards for KYC are being introduced by authorities to protect financial institutions against fraud, corruption, money laundering and terrorist financing.
Paul Cook comments, “The issues we handle are so varied that it is crucial to have a depth of staff who can provide or research information in different fields such as custom and tax regulations, KYC, banking issues, travel and visa, insurance claim handling, to name but a few. The main qualities for a yacht manager include being exceptionally organised and efficient as well as being able to multitask, along with excellent communication skills.”
The last two or three years have provided several challenges to managers. In particular; crew and logistics related matters during the peak of the COVID pandemic. These challenges have in some ways altered the shape of the industry, especially relating to crew employment and welfare, and almost certainly these will continue to provide unpredictable scenarios as well as great opportunities when it comes to supporting professional development and crew wellbeing.
With yachts becoming more technologically advanced, the provision of cyber security is going to occupy those in yacht management. At Fraser, Maxime Bregeon, says, Fraser are increasingly aware that our constant connectivity can become a tool that can be used against them. “Our response,” he says, “is to challenge this particular risk. Our own cyber management procedures, developed with various experts in this field, are implemented and we provide awareness training, and most importantly we invest in our shore-based staff to stay abreast of changing technologies.”
Owners have grown to understand the need for managers more, as yachts have grown larger, more expensive and the industry has become more professional. While the role has grown, so has the size of the team. Management companies now have specialists working in support of yacht managers to ensure they have everything covered. Managers cannot be expected know everything all the time. The secret is to know where to find the answers and ensure that the manager captain relationship becomes one of love rather than hate.
©Onne van der Wal
MCM ‘The Owner’s Advocate…The Captain’s Ally’. MCM offers yacht management services to support all operational aspects of running your yacht. MCM’s 35 years of experience, coupled with their reputation of trustworthiness, integrity and transparency allows the clients to rest assured that while the team manage the yacht’s operations, they can enjoy that most valuable commodity – time onboard with family and friends. MCM ensure consistency and continuity in providing an owner and captain with the highest levels of personal service available. They are responsive, innovative and resourceful in the way that the whole team react to ever- changing situations on board and their clients’ needs. For more details Tel:+1 (401) 849-3387 or visit
www.MCMNewport.com
CREW AND INDUSTRY WELLBEING
The past few years have seen many challenges for the industry and communities as a whole. These have in some ways altered the shape of the industry, especially relating to crew employment and welfare, and almost certainly these will continue to provide unpredictable scenarios as well as great opportunities when it comes to supporting professional development and crew wellbeing. It is important to ensure the yacht crew community continues to grow and receive the tools and support it needs to meet the demands of our ever growing sector of the marine industry.
The perennial problem is ensuring that we have enough qualified, professional crew and that they are trained and looked after. This was of course, made more complicated with the lasting impact of Covid-19 and Brexit. However, as an industry we must come together to attract the best talent and help find collective solutions to ensure the yacht crew community at every level continues to grow and receive the tools and support.
156 | SPRING 2023 | ONBOARD
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