Screening for restricted and denied parties, as well as helping to ensure that goods, technologies, or services are not destined for a sanctioned or embargoed country not to mention screening every financial transaction should be an integral component to every organization’s governance, risk and compliance objectives. Companies found in violation of international trade regulations come from across all industries worldwide.
In this white paper, we have highlighted a seed distributor, a car leasing business, a passion fruit buyer and a travel agency, among others, to underline the point that ordinary businesses can also fall foul of the law.
However, many companies, both large and small, often neglect this important aspect of their compliance program because of the misconception about their level of risk, believing that their business and industry is somehow exempt. Or that to be export, trade and OFAC compliant must be an onerous task, or one that comes at great expense. In most instances, neither is the case.
This white paper lists the top misconceptions we’ve heard in our close to 40 years in the industry with regards to why a company does not screen. We’ve also included relevant examples of actual export violations and the penalties thereof to demonstrate the real-world consequences of non-compliance.
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