Denied Party screening – Is It A Troublemaker or Troubleshooter?

This is not talked in jest.

People know how to get well past of things yet they fail to realize or ascertain the facts.

Classification of unscrupulous organizations, businesses, people, etc. with the purview of national security wasn’t a hasty step at all. To keep the exports/imports in check, the lawmakers advanced themselves to formidable rules and regulations. Thankfully, a majority of exporters came in forward voluntarily and supported the restrictions for the national security.

The others might be miffed with the denied party screening lists and find it as a troublemaker, but does it holds the truth?

When discussed on the common and popular forms of the Internet, such as Reddit, some even didn’t know about the export controls at all. Some, who were knowledgeable enough the sanctions, gave advice regarding the export controls, export license, screening, and related stuff.

The BIS or Bureau of Industry and Security recently held a conference in the mid of May 2018 about Export Controls and Policy, held in Washington DC. The topic of emerging technology and national security policy took the prime time. The BIS, as well as other Governmental departments, have progressively highlighted the need of watch list screening for exporters.

Some doubts had also erupted regarding the definition of "export" and how it is described in the books of law. A clear description has been provided about the same that can be retrieved through online searches.

Clearly, some of the companies/organizations found it difficult to comply with export regulations while others remained unaware. Of course, when they come to know about the procedures, they found it downright "troubling" and obstructive. It takes time to convince the advantages of these sanctions against miscreants (person, company, or country).

Though it should have never come to this, there were also rare ways to guide the people. The troubleshooter, we may call it that for a reason. One could always utilize the restricted party screening as a procedure to mitigate unknown risks. Ignorance could kill. Recently, a few cases were reported where the exporters were slapped with heavy penalties for flouting the export regulations. As a matter of fact, a few or more persons were sentenced to rigorous imprisonment for violating the control standards.

If you are to send the item/product or service (Information and Technology), you will require the permissions from the authorities. Prior to that, you will have to find whether the product/service is permitted for export at all or not. Some items require a license for export and the exporters should know about it.

The compliance consultants, with an expertise of their own, can guide the exporters on the compliance programs. Along with a software to screen traders, partners, customers, suppliers, guests, employees, and others, a trade compliance program can be worked out effectively. Moreover, some kinds of supervision from the experts help the exporters to avoid a misstep. Perhaps, this is one of the great things about screening procedures. This is the reason why it can’t be called as a troublemaker.

Author Info:-

Fred Danny has written several articles about the denied party screening software and trade compliance solutions. He highlights about watch list screening controls and cloud-based solutions for small and mid-sized businesses. He also explains why restricted party screening software is an evident requirement.

Linqs software helps you with an accurate KYC screening of customers or trading partners before entering a deal with them.