The U.S. Government maintains a variety of denied party lists. Entities and individuals on these lists can have any number of restrictions or prohibitions against them – everything from suspicious activity, to those parties who are restricted from all trade with the United States.
To screen or not to screen? That is not the question.
The question of whether or not to screen for denied parties really isn’t a question at all. Every U.S. company should have a denied parties screening policy. The real questions to be addressed are:
- Which restricted parties list to screen?
- How often should we screen?
- Who in our database should be screened?
- How should our data be formatted for screening?
- How should we document our screening results?
A comprehensive Restricted Party List Screening approach
The benefits of denied parties screening far outweigh the costs. Perhaps most importantly, by screening for denied parties, you are helping protect the national security of the United States. Other benefits include:
- Avoid costly fines and penalties
- Save time and money by knowing which business partners you can’t engage with
- It’s a “must-have” for any best-practice compliance program