Why Export Screening Is Necessary For Exporters?
International and national laws prohibit the export trade community from doing business with sanctioned or denied parties spread across the globe. The EAR, OFAC, ITAR, BIS, FAR, and DFAR in the US ensure these stringent controls for exporters.
When it comes to trade compliance, export screening is a necessary activity for businesses to prevent themselves from earning:
Administrative penalties
Denial of export privileges
Loss of reputation
Financial setbacks
Other than penalties, it is the bad publicity that hurts a business the most. Therefore, adhering to the laws of the country and international best practices is the key. How does screening software help? As an exporter, you come in contact with several customers, suppliers, consultants, employees, visitors, and various trade partners. With the OFAC screening software, you can:
Access denied party lists issued by more than 210 govt. agencies and international bodies.
Dynamically and accurately search through the long lists using advanced technology and reduce false positives.
Multiple screening of trade partners or parties.
Select or modify lists for screening against.
Connect ERP and CRM systems for better coordination and operations.
Archive and retain records of screening.
Access updated data or lists.
Some of the organizations install business trade compliance software for comprehensive trade compliance adherence. Besides, this saves them plenty of time, helping focus on core business activities or operations rather than caving into complicated processes of finding, searching, or traversing denied party or sanctioned lists.