Why Watch List Screening Matters for Exporting Industry

Lists like OFAC and BIS aren’t sufficient to scan through the banned entries. Most of the sanctions applied by international customs and other authorities should be taken into account.

For the uninitiated, exporters can visit the Bureau of Industry & Security’s website to discover about the banning of dual-use items, ECCN, export license, and more. Besides, the advisory on application forms for an export license, ECCN identification, etc. are also provided. However, a rather easy way to adapt the export compliance measures is to trust trade compliance professionals.

The exporting industry has varied kind of businesses across the world. However, they aren’t permitted to export a certain group of products, services, or commodities, which could flout the norms of national security. Any exporter trading such items, knowingly or unknowingly, would be penalized by the state. Therefore, it’s vital that they conduct watch list screening for avoiding any kind of ramifications.

Why it matters? Since exporters can identify their trade partners after searches, they will be able to prevent themselves from violating any export regulation. As a result, there would be no loss of reputation, no loss of trade, no prohibition on export privileges, and no impact on economic & market-based performance.

A few reputable trade consulting companies offer export screening software with add-on features for superior functionality. Moreover, these trade consultants help in creating and maintaining an internal control program for trade with importers of different countries. Nowadays, it costs cheap to subscribe to these services. This is why exporters need not worry about their budgetary limits.