Technology makes export screening easier than ever before

The International Traffic in Arms Regulation (ITAR) or Export Administration Regulations (EAR) forbids any kind of trade with restricted, banned or denied parties, inside or outside the country.

Now the question is which are banned and for what reason. The regulatory body states that they are prohibited if found to be associated with narcotics trafficking, global terrorism, money laundering or any violation of regulations of export. The companies, if found associated are heavily fined, even the employees are imprisoned in such act. Henceforth the companies lose their license and the export privileges are taken off.

Now, coming to the process of screening - the most viable and practised process is of using the watch list screening software. This finds out whether the parties, we are going to begin a new business with, are anyhow associated with anything illegal.

Below are the reasons, explaining the popularity of the software in the entire USA.

It’s automated software and saves time and effort. People think that the BIS and OFAC are exhaustive lists, and can be followed, but to be internationally approved, this software also considers EU sanctioned party list, Interpol red notice list, etc. for export screening. By using this software bulk screening can be done without using unnecessary human intervention and wastage of human capital.

In this process, if a business organisation is denied by the software, then the transaction is immediately stopped and proper clarification is charged. The software keeps all updated information of the audit process and the company can never be in trouble regarding any exclusion. The software also stores a good amount of data, which can be printed, when necessary.

With all the information above, one should choose the right company software.