Avoid export fines: restricted-party screening solution establishes “reasonable care”

According to the U.S. Bureau of Industry and Security (BIS), violations for trading with a restricted party can result in administrative fines of up to $120,000 or criminal penalties such as 10 years imprisonment and $1 million per violation. In 2006 alone, BIS issued more than $16 million in fines to U.S. companies for violating export regulations. Management Dynamics says its enhanced Restricted Party Screening (RPS) On Demand solution, a cost-effective tool for automating the trade-party screening process, delivers expanded restricted party list coverage and additional integration options for establishing a greater level of compliance checks for companies to demonstrate “reasonable care.”RPS On Demand integrates with any source enterprise system via XML to screen customers, suppliers, and other trading partners against 50-plus restricted party lists issued by governmental institutions worldwide, alerting users of potential noncompliance and providing a powerful workflow to resolve hits.The Web-based solution allows trade professionals to screen multiple parties to each transaction before goods are shipped to prevent illegal transactions with banned entities and trading partners and avoid fines, penalties and sanctions. In addition, RPS On Demand can be utilized by HR departments to screen all employees, vendors, and visitors as a key step in a company’s internal security process.”As a leader in technology with a multinational customer and supplier network, screening has become critical to safeguarding our business,” says James Stearns, Director, Regulatory Compliance and Senior Counsel, Intelsat Ltd. “We selected Management Dynamics to assist us in keeping in full compliance with global export regulations because of its complete and up-to-date list coverage. RPS On Demand allowed us to fully automate this manual task, improving our overall efficiency and eliminating potential fines or penalties due to trading with denied parties.”

Do you have experience and expertise with the topics mentioned in this content? You should consider contributing to our WTWH Media editorial team and getting the recognition you and your company deserve. Click here to start this process.