What Are The Benefits of Restricted and Denied Party Screening?

Trade compliance, reporting, real-time alerts, etc. are some of the major benefits.

Businesses shouldn’t find it burdensome – trade, financial, or export compliance shouldn’t come at a higher cost of time, effort, and money. Since automated solutions are employed in most of the organizations, screening has been beneficial in providing ample peace of mind.

With versatility & functionality, the restricted party screening facilitates:

• Compliance with International Trade, OFAC, and export regulations. Thus, lessening the chances of exposure to civil administrative penalties, denial of export privileges, etc.

• Genuine information on suppliers, parties, customers, etc. for safety alerts. Hence, businesses don’t have to conduct a verification process to determine whether it’s safe to do business with them or not.

• Real-time alerting and flexible reporting helps businesses properly handle and manage through immediate intervention.

• A comprehensive range of lists - BIS, International Trade, OFAC, PEP, denied and sanctioned party lists, etc.

• Automated checks against lists for restricted or denied party screening that would help distinguish the existing or new customers/partners from sanctioned lists.

• Eliminates manual sourcing and searching while freeing up resources for additional activities and management requirements.

• Up-to-date International Trade content data, especially updated sanctioned lists and entities.

• uick preview of screening activity history and related information.

Most of the businesses save a huge amount of time and solely direct their focus on core business operations with the help of this software. Also, these screening processes don’t add to financial constraints.