In these days, the concept of import-export has become one of the complicated issues. Each of the trade parties who are involved in the transaction of products across in the international borders, have to screen their export parties under two types of export screening lists- denied and sanctioned party lists. The companies that are falling under the sanctioned party lists are capable of continuing trade and can enjoy all the export privileges. However, the entities that are involved in the denied party lists are not able to continue their trade with foreign entities without the license. All the export companies should abide by export rules and regulations.
The screening process is different, depending upon the requirements of the client’s companies. However, the process of manual screening was quite popular in the earlier times; it involves lots of time and expertise knowledge. Additionally, checking off each of the business entity manually requires labor. Keeping in mind, the drawbacks offered by manual checking, there are organizations that are offering web-based solutions for sanctioned and restricted party screening. These online tools are effective, user-friendly and give the results within a short period.
The screening process is different, depending upon the requirements of the client’s companies. However, the process of manual screening was quite popular in the earlier times; it involves lots of time and expertise knowledge. Additionally, checking off each of the business entity manually requires labor. Keeping in mind, the drawbacks offered by manual checking, there are organizations that are offering web-based solutions for sanctioned and restricted party screening. These online tools are effective, user-friendly and give the results within a short period.
Before undergoing party screening, business entities have to remember some of the questions like what type of transactions is to be screened? How much sensitive is the process of screening? What lists are to be used? How to update the existing party lists, so on.
The first decision is to determine what type of transactions is to be made. To decide which transactions require screening, most of the exporters map the entire process that includes steps like when the order is placed, when the shipment is done and who are the customers. Later, all the other steps are followed. With the right type of software solutions, the process of screening has become hassle-free and cost-effective at the same time. Apart from party screening; steps like ITAR compliance, export classification, trade party manager and license determination assures legal trade.
The first decision is to determine what type of transactions is to be made. To decide which transactions require screening, most of the exporters map the entire process that includes steps like when the order is placed, when the shipment is done and who are the customers. Later, all the other steps are followed. With the right type of software solutions, the process of screening has become hassle-free and cost-effective at the same time. Apart from party screening; steps like ITAR compliance, export classification, trade party manager and license determination assures legal trade.