In today’s era of heightened
security, determining whether individuals, companies or organizations are
sanctioned by a government or restricted from conducting trade is essential.
Companies need to ensure that they are compliant with government regulations and
that their goods are destined for commercial use. Non-compliance can lead to
penalties, fines, loss of export privileges or, in extreme cases, imprisonment.
However, many companies face significant challenges in establishing whether a
party to a shipment has been placed on any official denied persons or illegal
trans-shipper list, blocked from import or export transactions, or sanctioned by
a government for illegal acts such as involvement in international terrorism,
narcotics trafficking, money laundering or weapons proliferation.
Organizations
without an
automated restricted party screening process
face problems such as:
▪
Implementing manual screening processes by logging in to various governmental websites and tracking results with paper-based forms
▪
Consistently implementing this process across multiple business units
▪
Maintaining an audit trail of each decision
According to the U.S. Bureau of Industry and Security (BIS), violations for trading with a denied party can result in administrative fines of up to $120,000 or criminal penalties such as ten years imprisonment and $1 million per violation.
Screen customers against over 115
government issued
denied party lists
containing more than
120,000 restricted parties,
entities, terrorists, and debarred individuals.
▪
Upload and synchronize your customer master files as well as return RPS holds with direct XML-based integration with your enterprise system.
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Define company-specific lists to target key trading partners and suppliers relevant to your business and upload with spreadsheets.
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Use powerful computational linguistics technology and highly tunable algorithms to improve accuracy while incurring fewer false positive matches.
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Use a specialized workflow tool to review all potential matches to RPS lists. Override hits as "false matches," or confirm names as actual matches. Escalate issues if needed.
▪
Configure users to receive automated alerts based on screening results and pending tasks to ensure that issues are addressed proactively.
▪
Maintain a complete history of
restricted party screening and resolution actions performed on a given customer or supplier record for audit purposes.
RPS On-Demand is a powerful, hosted solution that integrates with your
enterprise systems via XML and offers the fastest-path to export compliance. Management Dynamics also maintains an extensive set of restricted party lists and manages the
content with our ISO-certified 17-step quality management process. Updates to
international regulatory lists are processed daily to ensure that denied
parties are properly flagged before any goods or services are shipped.
