Denied Party Screening – Things You Didn’t Know About

“What if violations didn’t matter at all?”

Absurd as it may sound, but a chunk of organizations believe it could happen. Well, recently a California resident was sentenced to 9 years in prison and three years of supervised release for violating the Arms Export Control Act. Since this person had plotted to illegally export night vision components to a Russian firm, the charges were only obvious.

If you an exporter, you can readily screen your customers with the help of denied party screening and check if they are banned entities or not. Similarly, you would require an export license for exporting a certain range of products/services or commodities. Any violations would lead to a criminal or civil penalization by the administration. If the latter happens, it would have a serious impact on your business.

Let’s check out the devastating effects.

• Loss of reputation. Could you afford to lose the entire goodwill you have earned for your name and brand? A lost reputation will draw a large-scaled tragedy for your personal and professional image.

• Withdrawn export privileges. The administration will withdraw the export privileges you would have enjoyed otherwise. This will directly impact your business and losses will incur.

• Penalties. The civil and criminal charges declared in the court will deprive you of financial assets too.

You can trust a professional trade compliance consultant for expert advice. Having the restricted party screening software amps up your core business process and brings a plethora of advantages.