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News

Denied Trading Lists Assisting To Reduce Fraud In Manufacturing and Logistics

Datanomic : 28 October, 2010  (New Product)
Manufacturing and supply chain management companies are now exploiting the Datanomic finance fraud prevention and risk management solution to screen trading partners against denied party lists
Risk and compliance screening and data management specialist, Datanomic has announced that its expertise of helping Financial Services organisations achieve and maintain regulatory compliance has been extended to the Manufacturing, Logistics and Export Supply Chain Management industries with a new dedicated solution to ensure export compliance. Datanomic's Denied Party Screening provides all companies engaged in international export with an exceptionally accurate and configurable solution for screening against Denied Party lists or 'Denied Trade Lists' to ensure compliance with international legislation.

Manufacturers, Supply Chain Management (SCM) solution providers and Third Party Logistics (3PL) companies must comply with a raft of different national and international sanctions regulations intended to prevent the flow of restricted goods, or shipments to sanctioned individuals, entities and embargoed countries. Compliance failures are already impacting upon these industries, with multi-million dollar fines and prison sentences for criminal prosecutions pursued by the US Treasury Department's Office of Foreign Assets Control (OFAC). In Germany, for example, a serious sanctions breach is on a par with a capital crime in terms of punishment, and can result in a €1 million fine and 15 years imprisonment. In the 2009/2010 fiscal year, the US Bureau of Industry & Security issued almost $15 million in fines and 886 months of imprisonment to US companies and individuals for violating export regulations, with US fines and penalties for non-compliance increasing by five fold in recent years.

"Unfortunately many exporters, SCM and 3PL providers either lack awareness of their obligation to screen, or their existing screening processes are insufficient," said Simon Pearson, Vice President Risk & Compliance Screening for Datanomic. "With multiple, frequently-updated 'Denied Party' or 'Denied Trade' lists to comply with, effective screening can appear an overwhelming task., A third party logistics provider can also fall foul of the regulations, even though they aren't the company directly engaging in the sale to the denied party, as they carry the burden of responsibility if a shipment is made to a sanctioned country or individual, or if restricted goods are carried. Likewise, in order to obtain the Authorised Economic Operator certification (which is becoming more frequently required) logistics providers must ensure Denied Party Compliance and therefore need to have a robust and reliable screening solution in place. Ultimately, anyone shipping internationally needs to know who they are dealing with in order ensure that their export services are not exploited by money launderers, terrorists/terrorism financiers, fraudsters or other criminal and sanctioned individuals or entities."

Many governments, including the US, are sharpening their focus on the shipping and logistics industries to ensure that sanctions put in place against countries, entities and individuals are not undermined by lax security in these industries. As a result, many have now mandated that all exports must be screened, regardless of the type of product, quantities or destination.

"By deploying Datanomic's Denied Party Screening, exporters are benefiting from the most advanced, flexible, and tailorable denied party screening solution currently available; one whose core technology has been extensively proven in the tightly-regulated financial services industry," continued Pearson. "Leading international logistics and distribution organisation, Deutsche Post DHL, is already using Datanomic's technology to screen its customers, partners and extended supply chain against the international sanctions and denied party lists."

Denied Party screening enables exporters and carriers to check all companies and individuals involved in their supply chain, including partners, associates, vessel owners/managers, freight forwarders, parent/subsidiary relationships, as well as protect against theft from supply chains, which costs the industry more than €8.2 billion a year in the EU alone.

Datanomic's Denied Party Screening solution has a strong pedigree - it is the latest Risk & Compliance screening solution from a company whose software solutions are now systematically checking more than five billion client records every month.

Datanomic's solutions have already been implemented by some of the world's largest banks, insurers, asset and wealth managers and other financial services institutions to reduce their global Compliance risk, and this pattern is now spreading to other industries. In addition to the parcel, freight forwarding and logistics industry, Datanomic's software is being adopted in other non-financial services industries that require stringent Know Your Customer (KYC) compliance requirements, such as the diamond and tobacco industries. The company forecasts acceleration in the adoption of its technology across diverse industries facing ever-increasing Anti-Money Laundering, Counter-Terrorist Financing, and Risk & Compliance requirements. Datanomic was recently ranked 11th in The Sunday Times Tech Track 100 for the fastest growing technology companies in the UK.
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