10 MISCONCEPTIONS WITH COMPLIANCE AND RESTRICTED PARTY SCREENING

On 6 October, Supply and Demand Chain Executive carried an article saying that those doing business in the US must continually screen their trade chain partners and every financial transaction to weed out “denied parties”. And, they must make sure that goods, technologies and services are not destined for a sanctioned or embargoed country. Screening, therefore, should be an integral component of every organisation’s governance, risk and compliance strategy.  Even companies that don’t export should be checking because these so-called “bad actors” can be operating domestically.  It says that a common misconception, though, is that only a select group of sensitive or high-risk industries need to screen.  The article then lists 10 common myths about the role of screening – involving such aspects as thinking that one’s export destinations are not sanctioned or embargoed, and that one only needs to screen your own customer.

https://www.sdcexec.com/safety-security/regulations/article/21747412/descartes-systems-group-10-misconceptions-with-compliance-and-restricted-party-screening

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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