Compliance for Importers and Exporters

Importers and exporters have long been obliged to understand U.S. trade sanctions and operate within their bounds. While OFAC is responsible for overseeing, developing and administering trade sanctions under eight basic statutes, other regulatory agencies, including Export Enforcement in Commerce and the U.S. Customs Service, cooperate in ensuring corporate compliance with the Regulations.

But as these programs have been expanded, to cover regulations such as The Clean Diamond Trade Act and Executive Order 13224, which blocks transactions with persons who commit or support terrorism, there is too much to keep up with. In addition to operating within the guidelines of these programs, business records must be maintained for five years, and all blocked transactions must be reported to OFAC within 10 business days.

The master list of SDNs contains over 5,000 entries--variations on the names of individuals, companies, vessels and banks all over the globe. For instance, U.S. exporters cannot send shipments to Copservir Ltda., a major drug store chain in Colombia, because it is associated with the Cali Cartel and listed as a Specially Designated Narcotics Trafficker. Nor can you deal with Blue Nile Brewery because of its links to the Sudanese Government. Do you have the tools you need to ensure you run a compliant business?

Depending on the program involved, criminal violations of the statutes administered by OFAC can result in corporate and personal fines of up to $10 million and 30 years in jail. OFAC also has the authority to impose civil penalties. In the case of violations relating to Foreign Narcotics Kingpins, civil penalties of up to $1,075,000 are authorized.

ATTUS Technologies has been serving the needs of the import and export industry since 1998. Avoid government fines and increase your protection from fraud. Know your customers and reduce your risk. To request a demonstration or free trial of any of these solutions, call 1-888-494-8449.