There's A New OFAC Reporting Obligation for Rejected Transactions

Posted by Suzanne Richer on July 18, 2019

If you're a responsible importer or exporter, you know that denied party screening is essential to remaining compliant - and that if you get a flag on a shipment, you stop the shipment immediately to avoid penalities and fines. But new rules published last month by OFAC now require you to not only stop that shipment, but to alert the government of the denied party you've uncovered as well. 

The Office of Foreign Assets Control (OFAC) published the new rules on June 21, 2019 in the Federal Register, and they create a whole set of new reporting obligations for companies doing international business. Now you must go beyond scanning the destinations and prospective parties to the transaction against current sanctioned countries and the Prohibited Party lists - you must also report any resulting “rejected transactions” to OFAC within ten days after they occur.

That's a big process change, especially for companies with large trade volumes. Here's what you need to know to comply with these new OFAC obligations.

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Topics: Export Management, Export Compliance, Restricted Party Screening, Export Violations

Amber Road Launches Carrier Cargo Screening

Posted by Kelsey Barker on May 6, 2019

Today, Amber Road announced a new cargo screening solution to address the challenge carriers face in identifying shipments that may contain prohibited, hazardous, or dual-use goods based only on the limited information provided on a transportation manifest or air waybill.  The solution is ideal for global logistics providers who must aggregate and accurately screen a high volume of shipments from multiple providers to comply with increasingly stringent laws.

The global logistics industry is challenged by trade regulations related to Know Your Customer (KYC) which requires carriers know the shipper, the recipient, and the end-use of the products they carry to ensure that goods are not shipped to a sanctioned party or embargoed country and comply with non-proliferation of dual-use goods unauthorized for general trade.  Customs authorities around the world are increasingly monitoring the effectiveness of logistics providers’ cargo screening processes to determine compliance.  There are numerous examples of companies that use only “exact matching” screening algorithms on names and addresses who have been cited for failing to meet the standard of reasonable care and have been penalized with escalating fines.

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Topics: Export Management, Restricted Party Screening, Export Violations, Global Knowledge

Webinar Q&A: US Trade Policy Is Changing Rapidly - and So May Your Job!

Posted by Kelsey Barker on July 11, 2018

After laying dormant for almost thirty years, US trade policy has been swept up in a whirlwind of change. Last month’s Global Trade Academy webinar explored the pitfalls associated with these trade policy changes and recommended best practices to protect you and your company. You can find this webinar, US Trade Policy Is Changing Rapidly - and So May Your Job! on-demand here.

Global Trade Academy is hosting a second webinar in this regulatory update series tomorrow, July 12, at 2PM: Como está? Zěnmeliǎo? What’s happening? Trade Legislation Changes Around the World – Translated! Tune in to discover how US policy changes are affecting trade legislation around the world.

Viewers came armed with several questions about product classification, Drawback, the exclusion process, and more, and while our presenter Robin Grover answered many of your questions, we ran out of time to address them all. Luckily, Robin has compiled all his answers in this post.  

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Topics: Webinars, Amber Road News, Export Violations

Amber Road and Dow Jones Partner to Deliver Expanded Restricted Party Screening Capabilities

Posted by Kelsey Barker on June 5, 2018

Today, Amber Road announced a new partnership with Dow Jones Risk & Compliance to offer enhanced Restricted Party Screening (RPS).

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Topics: Global Trade Content, Import Compliance, Export Compliance, Restricted Party Screening, Export Violations, Global Knowledge

Missing the BIS Update Conference This Year? Catch Our Key Takeaways!

Posted by Paris Riley on May 10, 2018

Are you unable to make it to this year’s Bureau of Industry and Security (BIS) Update Conference in Washington, DC? Or will you make it to Washington, DC, but would like a review of the themes and updates from the show?

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Topics: Export Management, Automated Export System (AES) Filing, Export Compliance, Export Violations

Export Control Violation Leads to Billion Dollar Penalty

Posted by Joseph Gabro on April 28, 2017

This is an update to a blog post originally published on March 10, 2017.

Update:  Last month, the US Bureau of Industry and Security (BIS) decided to remove ZTE Corporation from its Entity List, allowing the company to continue business in the United States. 

“By acknowledging the mistakes we made, taking responsibility for them... we are committed to a ZTE that is fully compliant, healthy, and trustworthy.”

- Zhao Xianming, ZTE President

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Topics: Export Management, Export Compliance, Restricted Party Screening, Export Violations

Even the eCommerce Giants Lack Export Control Processes

Posted by Gary M. Barraco on October 24, 2016

Amazon.com has dominated the eCommerce industry since 1995, originating as an online reseller of books.  During Amazon’s first month in business, it received orders from customers in 50 U.S. states and 45 countries across the world.  Today, the company offers over 183 million products and serves more than 224 million customers. 

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Topics: Export Management, Product Classification, Export License Management, Export Compliance, Export Violations

Iranian Sanctions and the Challenge of Getting Paid

Posted by Arne Mielken on May 25, 2016

The recent lifting of some Iran sanctions has created considerable interest in the global trading community. However, while there is optimism and hope that a closed market with big investment and opportunity will open to worldwide trade soon, there is also uncertainty. When is the right time for getting back into trading with Iran? Now? Or should we wait a little longer? The messages sent from governments are, at best, mixed. Since mid-January, the EU and the US have formally lifted important elements of their previously enforced strict sanctions. Trade promotion authorities have started setting up trade missions and we read reports about mega-deals being signed. 

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Topics: Export Management, Export Compliance, Restricted Party Screening, Export Violations

Commerzbank Slammed with Anti-Money Laundering Fines

Posted by Lisa Feroli on March 17, 2015

According to a recent Reuters article, Commerzbank AG, Germany’s second largest lender, has been ordered to pay $1.45 billion to U.S. authorities. This large fine comes after Commerzbank was accused of laundering money through the United States financial system on behalf of black-listed entities – a big mistake in the eyes of U.S. prosecutors. This signifies the importance U.S. Officials put on restricted party screening and strict compliance with these regulations.

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Topics: Export Management, Restricted Party Screening, Export Violations

U.S. Imposes Sanctions Against North Korea in Response to Cyber-Attack

Posted by Fariba Ahdoot on January 5, 2015

On January 2, 2015, President Obama signed a new Executive Order imposing additional sanctions against North Korea. This came in response to North Korea’s numerous provocations, in particular the cyber-attack on Sony Pictures Entertainment.
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Topics: Amber Road News, Export Management, Export Compliance, Restricted Party Screening, Export Violations

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