“A Compliance Program Is Only As Good As Its Last Revision”
The U.S. Bureau of Industry and Security reports a Houstin Firm was fined $610,000 in civil penalities to settle allegations that it exported certain oil and gas industry service parts which was in violation of the Export Adminstration Regulations (EAR).
“An effective compliance program is only as good as its last revision,” said Kevin Delli-Colli, Acting Assistant Secretary of Commerce for Export Enforcement, “not staying up to date with regulatory changes can lead to violations of the export regulations.”
The allegations involve 78 unlicensed exports of certain products that are controlled for reasons of increased risk in production of chemical and biological weapons.
How to not make the same mistake?
Management Dynamics offers an Export On-Demand solution with the most up-to-date information. The goal of this program is to ensure that each export/re-export is treated consistantly and in compliance with U.S. export laws and regulations.
To download a free brochure, click Export On-Demand
To read the full press release, click here.
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Welcome to DeniedPartyScreening.org
In today’s era of heightened security, determining whether individuals, companies or organizations are sanctioned by a government or restricted from conducting trade is essential. Universities, financial instutitions, small to mid-sized companies, human resource departments are no exceptions. Who we conduct business with is important for our safety and security, and the montary penaties, loss of export privileges, or, in extreme cases, imprisonment.
What are the four largest challenges with keeping your company in compliance?
- Accurate & Up-to-date Content- what lists, when do they change, who changes them?
-Advanced Screening Methods- how do I compare names and addresses, how do I account for data entry mistakes, how can I screen partial names?
-Real-time Screening as Lists Change- how do I keep up with screening mass volumes against continuously changing content?
-Workflow- when matches occur, how do I manage them or know to manage them?
To learn how to answer these questions and more about how to build the first step in a export compliance program check out this white paper: Six Best Practices to Improve Compliance with a Restricted Party Screening Solution
Check back regularly for insights on what you can do to stay compliant as you monitor who you do transactions with or employ.