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

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

Captain Compliance to the Rescue: Simplifying Export Compliance!

Posted by Joseph Gabro on May 13, 2018

As companies continue to grow, so too do the total shipments and countries in their global supply chain, further complicating existing export compliance processes. Whether it be restricted party lists, export controls, license requirements, or the various regulatory risks exporters face on a daily basis, an automated and configurable solution is needed to make things easier - that's where Captain Compliance comes in!

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Topics: Export Management, Deemed Exports, Export Compliance, Restricted Party Screening

Pilot Freight Services Implements On-Demand Export Compliance Solution

Posted by Kelsey Barker on April 24, 2018

In an era of heightened security, determining whether individuals, companies or organizations are restricted from conducting trade is essential. Exporters are responsible for ensuring that they are compliant with changing government regulations, and that their goods are not being sold to undesirable entities.

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Topics: Export Management, Export Compliance, Restricted Party Screening

Allied Electronics Automates Trade Compliance as Global Sales Grow

Posted by David Hamilton on April 2, 2018

In today’s competitive retail environment, manufacturers, distributors, and retailers face heightened expectations for product quality and delivery time from customers and suppliers. Beyond growing expectations, companies also contend with increasing regulatory complexity and enforcement, changing embargoes and trade agreements, and competitors rapidly expanding product lines.

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

Trade Sanctions Update: The Hotbed Gets Hotter

Posted by Gary M. Barraco on March 21, 2018

In recent years, importers and exporters have needed to stay on their toes regarding changes to trade rules of all kinds, and that is rightly causing trepidation. 

Economic and trade sanctions are the most widespread and powerful means of displaying disdain for one country’s actions on the world stage. Unilateral or bilateral sanctions are strong penalties that restrict trading activity of goods imported from or to a country. They might also be used to assess duties on particular goods in retaliation for another country’s trade sanctions.

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Topics: Import Management, Export Management, Import Compliance, Export Compliance, Restricted Party Screening, Global Knowledge

Santa's Restricted Party Screening Could Cost Him this Christmas - Could Yours?

Posted by Mandy Hyde on December 19, 2017

With the recent changes to export restrictions and sanctions around the globe, Santa may have trouble delivering his presents this Christmas. Although Kris Kringle and a majority of exporters already realize what's at stake if they commit export violations, a recent survey found that only 53% of exporters have a full Export Compliance Program (ECP) in place. For many companies, the variety of components involved with implementing a full ECP can be daunting. One way to begin the process of building a complete ECP is to implement a robust, automated screening process with restricted party screening and sanction capabilities.The recurring revisions to export restrictions and sanctions from governments around the world make it challenging for any company to still be manually screening. The United States, especially, has been busy trying to make updates to exporting policies as the Trump administration re-evaluates Obama-era trade tactics. How sure are you that your company's compliance process is keeping you out of harm's way? Are you prepared for the most recent updates to sanctions and entity lists, as well as potential changes still to come in 2018? If you had to pause before answering either of those questions, you and your company could already be at risk.

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Topics: Export Management, Export Compliance, Restricted Party Screening

Know Your Customer.....and Everyone Between You

Posted by Mandy Hyde on November 9, 2017

Companies today are exposed to a plethora of risks because of the dynamic and collaborative nature of supply chains. While it's impossible to eliminate all the risks that may exist in the vast business ecosystem, it is possible to mitigate some of these dangers by implementing an export compliance program with a robust restricted party screening strategy.

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Topics: Export Management, Export Compliance, Restricted Party Screening

Cyber-Security Measures Should Include Supply Chain Vigilance

Posted by Eric Sternkopf on October 24, 2017

October is National Cybersecurity Awareness month, an important reminder to increasing supply chain resiliency with comprehensive denied party screening.

The supply chain is one of the most collaborative environments in an organization, making it one of the most vulnerable. Maintaining a technologically secure global trade environment--while still providing access to all necessary parties around the globe--can seem daunting in today’s fast-paced, digital world. Cybersecurity weighs heavily on the and it is easy to understand why. The speed and global reach of the May 2017 WannaCry ransomware event, which spread over 150 countries in hours, brought home to many companies the cyber risks of an extended supply chain.

Attacks like these, while necessary to defend against, aren’t the only risks companies face in the global supply chain. Companies often think only about securing their networks and digital assets against cyberattacks and breaches, but don’t always protect themselves against criminal entities lurking in the trade shadows.

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Topics: Export Compliance, Restricted Party Screening

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