Denied Party Screening: Whom Are You Doing Business With?

Across the globe, import and export business are becoming more extensive. As export across borders is common in the recent days, there is a greater chance of potential violations. Screening of the companies with whom you are doing the business can limit the chances of violations across the countries. If you are doing business with a non-US entity, it is your duty to screen your partners against the denied and sanctioned list. A Proper screening of trading parties ensures that all your trading partners are perfectly compliant.

As the regulatory environment is constantly changing, penalties and fines are getting higher. Many companies offer user-friendly solutions for effective screening of the trading parties. The companies screen the prospects of the clients against denied party screening and sanctioned party screening party list. The denied parties are those parties who cannot perform their exporting business.

The Challenges of The Restricted Party Screening

It is the era of heightened security. It is U.S. based company and person’s responsibility to determine whether the individuals, trading companies or organizations are restricted from doing business or sanctioned for the same. Exporters and partners should be responsible to ensure that they are totally compliant with government laws and rules. The challenges of this restricted party screening include-

• To store and maintain various information for all the exporting partners, companies, including their contacts, subsidiary companies and their relation with your company.
• To determine whether any government enforcement action is in place for any entity.
• To determine whether a destination country is a subject to embargoes and sanctions.
• Keep the ever changing lists across the world always up-to-date.
• To manage the hold and the resolution method effectively so the transport and shipments are not delayed.

These are some of the functions of the restricted party screening program. If any one of your party falls under the denied list, the license of exporting is taken from that company. It also has to pay huge financial penalties and fine to the government.

On-Demand Party Screening

Some of the companies like Intredex offer on-demand screening bulk proportions of the customers, consultants, visitors, and employees. The screening is manually performed against the restricted or sanctioned party lists of U.S and foreign government agencies.

Web Based Trade Partner Screening

GtradePro, is an online software application that do the sanctioned and restricted party screening. This software effectively screens the customers, visitors, trade partners against more than 110 U.S and other international party lists. It generates the valid results within a few minute. The flexibility and cost effective nature of this software application helps you to manage and control the compliance with the ever-changing export customs and rules.

Thus, denied party screening is very important part in business today. Falling under the restricted party list is a shameful matter and the company has to pay penalties if it still continues its business after coming under the restricted list. GtradePro TPM software helps you to manage and automatically screen the parties and maintain the partner records.