Archive for Restricted Party Screening

Flextronics Selects Amber Road’s RPS On-Demand Solution

April 9, 2013 Caroline Amber Road, Press Release, Restricted Party Screening No comments

Amber Road, a leading provider of global trade management solutions, announced today that  Flextronics, a leading electronics manufacturing services provider, selected its Restricted Party Screening (RPS) On-Demand  solution to automate the screening of partners, customers and vendors. Flextronics’ objective is to maintain a low export  risk profile while expediting screening.

With a global network consisting of more than 30  countries on four continents, Flextronics needed an improved solution for global denied party and embargo screening, global export  license determination, and ECCN (Export Control Classification Number) validation in order to  preserve a high compliance rate.

“Amber Road’s RPS On-Demand was the solution that best  fit our needs,” said Tim Seitz, senior vice president, global tax and trade at Flextronics. “Because of the solution’s high-speed  processing times, accuracy rates, user configuration features, robust reporting, and audit capabilities, we feel confident that  Amber Road is the right choice.”

Click here to read the entire press release.

Vishay Intertechnology Reduces Trade Compliance Risks with Amber Road’s RPS On-Demand Solution

February 20, 2013 Caroline Amber Road, Export Compliance, Press Release, Restricted Party Screening, Trade Compliance No comments

Amber Road, a leading provider of global trade management solutions, announced yesterday that Vishay Intertechnology, Inc. (NYSE:VSH), one of the world’s largest manufacturers of discrete semiconductors and passive electronic components, reduced corporate risk and improved compliance with trade regulations using Amber Road’s Restricted Party Screening (RPS) On-Demand solution.

Integrated into three separate instances of SAP, the RPS On-Demand solution enables Vishay to screen tens of thousands of its customers and vendors across the Americas, Europe, the Middle East and Asia, against over 200 restricted party lists from government institutions worldwide.

Click here to read the entire press release.

Going Global Involves Heaps of Regulations, Other Hurdles

January 29, 2013 Caroline Customs Compliance, Denied Party, Export Compliance, Foreign Trade Barriers, Import Compliance, Regulatory Compliance, Restricted Party Screening, Trade Compliance No comments

Small businesses have increasingly found opportunities to expand globally over the past few years and have only more reason to continue to do so in the future. But as a recent article in Inc. Magazine points out, importing and exporting isn’t as simple as booking a spot on the nearest cargo ship.

In fact, companies face a staggering number of regulatory hurdles when looking to import or export. “Know you customer” laws prevent US companies from sending potentially dangerous items to US enemies overseas, and they can be difficult to navigate, especially for smaller companies with limited compliance staff.

Take Cincinnati Thermal Spray, for instance. The 200-person company manufactures high-performance coatings for the aerospace, steel, and energy industries, and exports to Great Britain, France, Italy, Singapore, and Turkey. To do so, they must decipher multiple, separate lists of over 100,000 restricted trade entities issued by various governments. They must also obtain licenses for many of their products that are contingent on where these products end up, and they must monitor for fake companies trying to mask the identity of the final owner. The stakes for compliance are high – fines can reach $250,000 per transaction.

Inc. offers some tips to deal with the overwhelming amounts of data: create a formal export compliance program.  Educate your employees on the types of regulations they’re responsible for. Trust your gut. And if the field becomes too complicated, find a software provider to take care of it for you.

Read more on Inc.’s analysis and advice here.

ZTE Probed by FBI over Iran Tech Deals

July 17, 2012 Caroline Export Compliance, Export Compliance Program, Restricted Party Screening, Trade Compliance No comments

The FBI has opened a criminal investigation into ZTE Corp’s sale of banned US computer equipment to Iran. ZTE is China’s second-largest telecom equipment maker and the world’s fourth largest mobile device maker. The investigation stems from a Reuter’s report in March, stating that ZTE sold surveillance systems to Iran’s largest telecommunication firm.

The packing list from the shipment included hardware and software from some of America’s largest and best-known tech companies, including Microsoft Corp, Hewlett-Packard, Oracle, Cisco Systems, Dell, and Symantec Corp. U.S. sanctions on Iran prohibit any sale of such equipment. What’s worse is that general counsel from ZTE’s U.S. subsidiary in Texas revealed that ZTE officials “had discussed shredding documents, altering the packing list, and denying it was genuine in an effort to subvert a Department of Commerce investigation.”

In addition to the probe by both the FBI and the Department of Commerce, ZTE is also under investigation by the U.S. House of Representatives’ Intelligence Committee over whether its equipment presents a threat to national security.

 To read the full article, please click here.

Engaging in business with companies that deal with sanctioned countries (or entities) violates U.S. government trade rules and regulations; therefore, it is important to effectively screen against restricted parties to ensure compliance.

Find out how Amber Road’s RPS On-Demand solution can help your company ensure compliance by automating the screening process – download the brochure.

ING Bank N.V. Agrees to Forfeit $619 Million for Illegal Transactions with Cuban and Iranian Entities

June 18, 2012 Caroline Denied Party, Export Compliance, Export Compliance Program, Restricted Party Screening, Trade Compliance, Trade Compliance Software, Trade Regulations No comments

According to the Bureau of Industry and Security (BIS), ING Bank N.V. has agreed to forfeit $619 million to the Justice Department and the New York County District Attorney’s Office for illegally moving billions of dollars through the US financial system on behalf of Cuban and Iranian sanctioned entities. ING Bank is held responsible for conspiring to violate the International Emergency Economic Powers Act (IEEPA) and the Trading with the Enemy Act (TWEA), as well as violating New York state laws by illegally moving over $2 billion dollars through the US financial systems via more than 20,000 transactions between the early 1990s and 2007. This fine is the largest ever against a bank in connection with an investigation into US sanctions violations.

ING Bank executed this scheme through tactics including:

- eliminating payment data that would have revealed the involvement of sanctioned countries and entities

- advising sanctioned clients on how to conceal their involvement in U.S. dollar transactions

- threatening to punish certain employees if they failed to take specified steps to remove references to sanctioned entities in payment messages

Most upsetting is that these illegal activities occurred with the knowledge and encouragement of members of both the legal and compliance departments.

The bank has also entered a parallel settlement agreement with the Office of Foreign Assets Control (OFAC). As part of the agreement, ING will be required to conduct a full review of its policies and procedures to ensure that its compliance program is functioning effectively.

To read the entire Bureau of Industry and Security (BIS) press release, click here.

For information on Amber Road’s Restricted Party Screening solution, which enables companies to automate the screening process, click here.

 

Survey of Mid-Market Companies Highlights Good News/Bad News for U.S. Exporters

May 1, 2012 Caroline Amber Road, Export Compliance, Export Compliance Program, Press Release, Restricted Party Screening No comments

A new white paper released today by Amber Road found that mid-market companies are increasingly at risk for violating U.S. export regulations. This is especially concerning because U.S. export volumes are on the rise. According to a recent U.S. Bureau of Economic Analysis report, U.S. exports grew 7.7% from January 2011 to January 2012.

Amber Road surveyed 150 mid-market companies about their export compliance processes. They found that 23% do not screen for restricted parties prior to engaging with trading partners and customers, and only 41% have a comprehensive export compliance program in place. Not surprisingly, survey respondents pointed to a lack of executive sponsorship as a primary reason for their companies’ trade compliance deficiencies.

To learn more, read the full press release, or download a copy of the white paper.

Upcoming Trade Compliance Webinar

February 8, 2012 Caroline Amber Road, Denied Party, Export Compliance, Export Compliance Program, Global Trade Management Software, Import Compliance, Landed Cost Calculation, Management Dynamics, Product Classification, Restricted Party Screening, Trade Compliance, Trade Compliance Software, Trade Wizards, TradeWizards.com, Webinars No comments

Join Amber Road on Wednesday, February 22nd at 2:00pm EST, for a complimentary webinar showcasing TradeWizards.com, a new cloud-based portal that enables companies to classify products, calculate duties and taxes, and screen for restricted parties…for FREE!

During the “TradeWizards.com: Answers to Your Tough Trade Questions” webinar, industry experts will review the challenges companies are facing when it comes to importing and exporting, and show you how TradeWizards.com can help combat those challenges.

Speakers will include:
Scott Byrnes, Vice President of Marketing, Amber Road
Steve Keighley, Solutions Consultant, Amber Road

Join us to learn how TradeWizards.com can help you tackle your compliance challenges. Register today!

 

Upcoming Trade Compliance Webinar

February 8, 2012 Caroline Amber Road, Denied Party, Export Compliance, Global Trade Management Software, Import Compliance, Management Dynamics, Product Classification, Restricted Party Screening, Trade Compliance Software, Trade Wizards, TradeWizards.com, Webinars No comments

Join Amber Road on Wednesday, February 22nd at 2:00pm EST, for a complimentary webinar showcasing TradeWizards.com, a new cloud-based portal that enables companies to classify products, calculate duties and taxes, and screen for restricted parties…for FREE!

During the “TradeWizards.com: Answers to Your Tough Trade Questions” webinar, industry experts will review the challenges companies are facing when it comes to importing and exporting, and show you how TradeWizards.com can help combat those challenges.

Speakers will include:
Scott Byrnes, Vice President of Marketing, Amber Road
Steve Keighley, Solutions Consultant, Amber Road
Join us to learn how TradeWizards.com can help you tackle your compliance challenges.  Register today!

 

Amber Road Launches TradeWizards.com, a Free Cloud-based Portal for Global Trade

January 17, 2012 Caroline Denied Party, Export Compliance, Global Trade Management Software, Import Compliance, Product Classification, Restricted Party Screening, Trade Compliance Software No comments

Amber Road, a leading provider of Global Trade Management solutions, announces the launch of its latest trade compliance product, TradeWizards.com. TradeWizards.com is a suite of nine different research tools that helps companies import and export goods more quickly and affordably, while staying compliant with country specific trade regulations.

TradeWizards.com will enable users to instantly perform numerous global trade activities including: restricted party screening, product classification, and landed cost calculations. What used to require hours of manual interpretation of trade rules is now an automated process achieved instantly via TradeWizards.com.

Sign up now on TradeWizards.com.

Amber Road Launches New Global Trade Content Tool

January 17, 2012 Caroline Amber Road, Export Compliance, Export On-Demand, Global Trade Management Software, Import Compliance, Landed Cost Calculation, Management Dynamics, Product Classification, Restricted Party Screening, Trade Compliance Software No comments

Amber Road, a leading provider of Global Trade Management solutions, announces the launch of its latest trade compliance product, TradeWizards.com,  a free cloud based portal for global trade.  TradeWizards.com is a suite of nine different research tools that helps organizations quickly answer questions related to the cost and compliance risks associated with importing and exporting goods.

TradeWizards.com will enable users to instantly perform numerous global trade activities including: restricted party screening, product classification, and landed cost calculations.  What used to require hours of manual interpretation of trade rules is now an automated process achieved instantly via TradeWizards.com. 

Find out how you can streamline the trade compliance process at your company. Watch the TradeWizards.com tutorial.
To read the full press release, please click here.

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