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Denied Party Screening Software – Basic Advantages for An Organization

Author: Linqs Inc
by Linqs Inc
Posted: Jan 21, 2019

As of now, you may have come across hundreds of articles explaining the difference between compliance and non-compliance, trade treaties, money-laundering organizations, financial criminal activities, narcotics trafficking, and more. The conceptualization of such topics evades certain in-depth knowledge, but also gives a perspective on what needs to be done at the beginning of a business transaction.

There’s a multitude of topics we can chirp and discuss, but what’s important in this context is the denied party screening software and its advantages, especially with respect to your business or organizational relations. It has already been established how the US Department of Commerce, Bureau of Industry and Security, and other governmental organization have taken stern steps in regularizing compliance measures. Not following them would be devastating and obnoxious.

While coming to the denied party lists and screening procedures, we have discovered several organizations giving a pass to this as if it’s just a customary thing. Let us be clear, it’s not a thing to hoodwink at all. A business can easily get its image tarnished in the public if it is discovered that it had a transaction with a dubious/convicted entity in the international region. Here, the governmental authorities will be forced to take counteraction measures and impose civil/administrative/criminal penalties on the offender.

Are you a business/organization?

If yes, you should read this. Various businesses deal in different commodities, which include technology, software/hardware, and commodity/items/products/services. While some of these are allowed for a normal transaction, others aren’t. The screening procedures were introduced in the purview of national security. Since the Department of Commerce issued lists of banned entities, screening of individuals/businesses/customers becomes a necessity.

How to screen these entities?

The conventional route will elongate the procedures unnecessarily, and you know how it pans out for business. Now those trade compliance consultants are here to help the organizations with the screening procedures, you have fewer things to worry about. The restricted party screening software sets things right for you. This software enables you to both fully or partially screen the partner/customer/party. Given the algorithmic setup, denied party lists, and other technological innards, the software culminates the desirable results for an end user(s).

Basic Advantages of Denied Party Screening

  • Variable screening functionality enables superior screening of entities via an exact match, fuzzy logic, and phonetic match. Indeed, some of the entities may pursue scrupulous methods to trick and trap.

  • Quick and accurate results will help your organization weed out the difficulties of a transaction much before than the anticipation of mistakes. Also, watch list screening will help you know whether it is a strictly prohibited transaction, license-required transaction, or any other.

  • You would rarely find compatibility issues with this kind of technology. Moreover, you don’t need a staggering budget for investment in this software. In fact, you can gain access to cloud-based screening solutions, and make your way to work at cheap prices.

With these many pros and negligible cons, you will definitely realize how important it is for your effectiveness and overall reputation.

Author Resource Box:-

Fred Danny discusses the varied advantages of denied party screening software and how accomplished businesses can follow compliance measures easily. He also emphasizes the importance of watch list screening in the backdrop of national security. Giving perfect feedback, he recommends restricted party screening for all businesses and organizations.
About the Author

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

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Author: Linqs Inc

Linqs Inc

Member since: Jan 22, 2017
Published articles: 51

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