Santa’s Restricted Party Screening Could Cost Him this Christmas – Could Yours?

With the recent changes to export restrictions and sanctions around the globe, Santa may have trouble delivering his presents this Christmas.

Although “Santa” and a majority of exporters already realise what’s at stake if they commit export violations, a recent survey found that only 53% of exporters have a full Export Compliance Program (ECP) in place.

For many companies, the variety of components involved with implementing a full ECP can be daunting. One way to begin the process of building a complete ECP is to implement a robust, automated screening process with restricted party screening and sanction capabilities. The recurring revisions to export restrictions and sanctions from governments around the world make it challenging for any company to still be manually screening.

The United States, especially, has been busy trying to make updates to exporting policies as the Trump administration re-evaluates Obama-era trade tactics. How sure are you that your company’s compliance process is keeping you out of harm’s way? Are you prepared for the most recent updates to sanctions and entity lists, as well as potential changes still to come in 2018?

If you had to pause before answering either of those questions, you and your company could already be at risk.

Contact International Trade Matters for further information.