Watch List and OFAC Screening for Robust Compliance Program
How easy it is to do business with the "outsiders" of the country?
A business thrives and survives on the relationships it establishes across the industry sector. Perhaps, a few businesses may survive without having to need a great investment down the line or support of "huge" customers. However, it’s not possible in the majority of cases.
Letting exporters make it a functional program through effective modes or methods of screening customers/partners will yield positive results. Contrary to popular belief, export screening is just a part of the export management and compliance program. No, they aren’t any shape-shifting technologies deployed in offices. People, who understand otherwise, should get their concepts cleared from expert trade compliance professional.
It is likely to confuse a person, the program. Some would ask about the software matching the company names, addresses, letters, or any other. However, you won’t find fixtures to reference your uses. In fact, you can try different combinations for finding the desirable results. You can take a cue from the competitors to understand the functioning of watch list screening and apply various strategies for exports.
Basically, the program uses an algorithm to combine all provided information, which include name, address, and organization name to find potential matches against the 140 lists of banned parties. Thus, you can know which ones to not deal with. An entry may match with the provided inputs due to exact matching. Nevertheless, it isn’t the only factor to identify the restricted parties.
The screening is as intelligent as a machine learning process. Since people from different countries may speak a different language, alphabets may come in legitimate variances when translated to English. You can find the software program that effectively displays the results by matching through the information. Technically, you can try deep-level exploration to find accurate results.
Why Hire Trade Compliance Professionals
An internal control program or ICP followed by several integral procedures to OFAC screening of purported partners or customers provide a concrete result to the exporters. In some areas, there’s no understanding between the exporters and trade compliance professionals. As a result, some of these exporters have to find themselves in a delirium.
If you’re an exporter, you cannot take the risk of not complying with the export regulations. Not only you will be stripped of your export privileges and imposed heavy fines under the criminal/civil section due to export violations, but also you will lose your overall reputation accumulated over the years. This, at the end, will damage your future prospects of conducting business at any platform. Moreover, your credibility will take a deep plunge down under.
Reasonable Solutions
You can enjoy flattery or choose to believe in practical solutions. There’s no secret that earlier big companies had zero reliance on local screening solutions. Most of them would survive on top-notch services provided by trade compliance companies. But, times have changed since and we can find exceptionally reliable yet reasonable solutions offered by reputable companies.