Anyone questioning the importance of a denied parties screening process need look no further than a recent story by WorldECR (Issue 45, November 2015). This story reports how three non-U.S. banks were fined more than $1 billion due to U.S. sanctions violations.
Category: Denied Parties Lists
Earlier this month, the Bureau of Industry and Security (BIS) denied export privileges for two individuals and three companies, related to illegal exports of hardware and software to Syria.
On July 14, the P5 +1 countries (United States, United Kingdom, China, Russia, France and Germany) and Iran agreed on a Joint Comprehensive Plan of Action (JCPOA) to ensure that Iran’s nuclear program would be peaceful. As part of the agreement, the parties have agreed to sanctions relief which will come in phases and be based on successful implementation of nuclear commitments outlined in the deal.
The New York branch office of the National Bank of Pakistan (NBP) has agreed to pay $28,800 to settled alleged violations of the Office of Foreign Assets Control (OFAC) Global Terrorism Sanctions Regulations. This stems from a series of funds transfers processed by the bank to an entity on OFAC’s Specially Designated Nationals (SDN) List.
Stop me if you’ve heard this one. Your Business Development Manager (we’ll call him “Bob”) is at a military trade show somewhere in the Middle East. A guy from that region exchanges business cards with Bob, chats for a few minutes, then splits.
Check out this blog post for some helpful tips to remember as you conduct restricted parties screens for your transactions.
Due to the recent Ukraine and Russian conflict, the U.S. government has added additional sanctions on Russia. This includes the creation of a new watch list that should be added to your company's restricted parties list screening process.
Effective January 21st, new unverified list regulations are in effect for entities on the Unverified List. The Unverified List will be erased and a new list will be created. Pay attention to the Federal Register notices to keep up with the list as it is recreated.
The U.S. Bureau of Industry and Security (BIS) has added thirty-six new persons to the Entity List, as well as made other changes and removals.
This is the first in a series of articles which looks at some of the common “do’s and don’ts” of automating your company’s export compliance process. Today's topic is: Restricted Parties List Screening. Keep checking back for future installments in this series.