Why Export Screening Of Trade Partners Is Necessary?

International, federal, national, and state trade control laws prohibit exporters from dealing with trade partners that are on the watch list or barred party list. In the United States, these compliance measures have been enforced for the last two decades. EAR, ITAR, OFAC, FAR, and DFARS also prevent an organization to deal with “denied” parties.

If you are a business/exporter indulging in deals with several entities in the US and abroad, you need to ensure proper export screening for avoiding violations and the consequent penalties. Those administrative and criminal penalties may put you as a subject to denial of business practices, export privileges, future transactions. Further, it would result in negative media coverage, loss of reputation, etc.

Having a web-based and hosted OFAC screening software helps you screen suppliers, customers, employees, consultants, partners, visitors, and various entities. Some of the advantages that come in a package with this screening software include:

• You do not require new hardware, software, and IT system installation. The web-based cloud solution helps you operate the screening procedures.

• Updated denied party or restricted party lists issued by various governmental and international agencies.

• Single and batch screening of trade partners reduces unnecessary chaos regarding the time factor.

• Prepare white lists, automatically and dynamically screen entities, archive and report records, connect with ERP and CRM systems, etc. Only a few service providers help you with full compliance experience as well.

With a horde of benefits, you can prevent any export violation and continue the trade practices minus the trouble.