Customer due diligence and restricted party screening
Throughout 2022 there have been a succession of announcements regarding new individuals and entities that have been sanctioned or ‘designated’ by multiple jurisdictions, triggered for the most part by the incursion of Russia into Ukraine.
Whilst these are very newsworthy announcements in the current climate, there are many more designations announced from time to time by Governments all over the world.
How do you understand whether these listed parties have any consequences for your business?
Restricted Party Screening
‘Restricted Party Screening’, or RPS, is an essential tool of any export compliance programme that enables a business doing trade internationally to have confidence in the credentials of any 3rd party with whom it is conducting its business.
MJ Trade Advisory can support you with advice on these matters, reviewing your existing practices, and, as appropriate, conducting due diligence and screening on your behalf.
For more information please call us on +44 7850 338 457 or send us an email at [email protected].
Through
To
end User
Screening and due diligence should not only be applied to direct customers but also, their customers, right up to the end user, then suppliers, sub-suppliers, other business associates, employees, and visitors to your facilities.
It is only by verifying the credentials of entities and individuals alike that you can be sure your association with these parties does not contravene any regulations of countries that you are active in.
Conducting effective due diligence and RPS requires making a judgement about what is most effective, what is appropriate and most importantly, compliant with other regulations such as privacy laws.
A programme should be appropriate for the size and nature of the business.
If justifiable there are several tools on the market which are invaluable in making the whole thing less time consuming. Which tool to use and how it needs to be applied requires careful consideration too.
Other Areas Of Expertise
Export classification
Export classification is the bedrock of having confidence in compliant exporting
Impact of US export regulations
The United States implement international trade compliance regulations through several different government organisations.
SanctionS & Embargoes
Sanctions and embargoes are currently in place against more than 30 countries around the world.
Internal compliance
Based on our years of experience in industry working with such programmes, MJ Trade Advisory can review your existing set-up.
Training
Are you looking for cost effective ways to keep your team up to date with the latest regulations
Audits
Auditing is a fundamental part of maintaining a good compliance programme.
