Restricted party screening (also known as denied party screening) is a process used to ensure compliance with laws and regulations that prohibit or restrict certain individuals or entities from participating in business transactions. It involves checking the names of individuals, companies, and organizations against lists of restricted parties compiled by government agencies, such as the U.S. Office of Foreign Assets Control (OFAC) or the U.S. Department of Commerce’s Bureau of Industry and Security (BIS).
The purpose of restricted party screening is to prevent businesses from inadvertently doing business with parties that are subject to sanctions, embargoes, or other restrictions. It is typically carried out by companies as part of their compliance programs, and is required by law for certain industries, such as defense and aerospace.
Restricted party screening can be done manually, but it is often done using automated software tools that can quickly search through large lists of restricted parties and alert the user to any potential matches.
Piyovi shipping software includes restricted party screening functionality at the time of shipment execution, which can help businesses ensure that they are not inadvertently shipping to restricted parties. In today’s world, restricted parties are updated very frequently. Many a times, there are several days if not weeks from the time an order is created to the time the goods are shipped. Even if a business screens a customer as safe at the time of customer creation or order creation, there is a possibility that the customer is flagged as potential risk after order creation and before the shipment leaves the dock.
Here is how restricted party screening by Piyovi shipping software typically works:
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