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Restricted Party Screening

Restricted Party Screening: Best practices for a new era of continuous monitoring

If your company engages in global trade, you know that you have no choice but to screen every party to an export transaction. The Patriot Act and many government agencies require you to “know your customer”, as well as the banks, carriers and freight forwarders you do business with. Though companies have routinely practiced Restricted Party Screening (RPS) for years, error-free compliance is now of utmost importance. Effective RPS ensures that your company is not doing business with terrorists, money launderers, drug dealers or other denied parties.

Your organization can’t afford to do business with a black-listed party. In addition to the fallout from the public relations perspective, the economic consequences of such a misstep can cost you as well.

The constantly-changing restricted party lists pose a challenge for organizations. Aliases, abbreviations and words that are switched around can slip by even the most devoted compliance team.

In addition, the prospect of being audited poses further challenges. Organizations have to show records and demonstrate the processes in place to screen for matches and block the release of goods to denied parties.

If you are using spreadsheets to track or match, have a growing customer base, or have outgrown your current solution, it’s time to look at the new breed of sophisticated, automated applications on the market that can safeguard your organization from the potential risks of doing business with known restricted parties both domestic and international.

The ability to screen every transaction against restricted party lists is critical, especially for enterprises in highly regulated industries such as aerospace, defense, electronics, financial services and semiconductors. Screening every transaction ensures compliance with U.S. Bureau of Industry and Security (BIS) as well as other countries’ requirements.

TradeBeam for Restricted Party Screening

Aptean TradeBeam is a leader in the restricted party screening space, with a complete set of solutions through its software-as-a-service platform to keep your organization on track and in compliance.

The TradeBeam Restricted Party Screening Solution

TradeBeam, a market leader in GTM, provides a comprehensive, SaaS-based solution that supports trade compliance, import and export management, global supply chain event management, letters of credit and supply chain finance.

Here's what TradeBeam can do for you

Content Breadth and Quality

TradeBeam’s embedded and continually updated trade content includes classification trees, duty rates, tariffs and restricted party lists that include—but are not limited to—U.S., EU and UN, ECCN/ ECN classification trees, documentation requirements/templates and license requirements. TradeBeam sources content directly from relevant local sources through a worldclass network of trade experts, researchers and translators. TradeBeam backs its service with SLAs that ensure updates to restricted party lists are delivered within 12 to 24 hours of any changes.

Expanded Internationalization

The Restricted Party Screening also includes expanded internationalization and localization language support. The new internationalization features create improved RPS matching capabilities under Section 326 of the USA Patriot Act.

Specifically, enhanced Western European language handling for precise translation, allowing for straightforward matching of words using accent marks in restricted party lists, and accommodates other languages, including those requiring double-byte (as many Asian languages do), ultimately improving accuracy in screening.

Screening Speed and Accuracy

TradeBeam restricted party screening offers sophisticated matching capabilities that include exact word match, Soundex and Metaphone algorithms and the ability to fine-tune the sensitivity of screening engines, significantly reducing the incidence of false positives and negatives. In most cases, screening produces a match with a restricted party in two seconds or less.

Support for Manual and Automated Workflows

The TradeBeam solution automatically screens parties on a per-transaction basis at user-defined points in the order life-cycle, such as time of quote, issuance of purchase order and shipment. A restricted party match results in notification of the source system, which places a transaction on hold immediately wherever it occurs. Robust resolution/escalation logic seamlessly handles alerts, approvals, holds and outbound messaging. For maximum flexibility, the TradeBeam solution also supports any manual screening and resolution procedures a company has put in place.

This comprehensive workflow-driven exception management process dramatically increases staff productivity and prevents restricted party screening from becoming a bottleneck, while also ensuring that nothing slips through the cracks. In addition, logs generated by the application can support both internal and external audits.