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 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, the programs also cover additional sanctions such as those promulgated under The Clean Diamond Trading Act, which is implemented by E.O. 13312, and Anti-Terrorism Sanctions including those issued under E.O. 12947 and 13224. E.O. 12947 prohibits transactions with terrorists who threaten the Middle East Process. E.O. 13224 blocks transactions with persons who commit or support terrorism. 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, the fines for violations of the statutes administered by OFAC can be substantial. Criminal penalties can include fines ranging from $50,000 to $10,000,000 and imprisonment ranging from 10 to 30 years for willful violations. Civil penalties range from the greater of $250,000 or twice the amount of each underlying transaction to $1,075,000 for each violation.

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.