Managing in a risky world
Hardly a week goes by without the EU adding the names of new sanctioned individuals to the annex of one of its embargo regulations.
Most recently, Russian and Ukrainian political and military officials have been sanctioned as a result of the crisis in Ukraine. Businesses must ensure that they do not provide any economic or financial resources to such listed entities. And it’s not just the EU that issues sanctions: US authorities regularly add new names to their own restricted party lists.
AEB’s recently released Compliance & Risk Management product, part of its ASSIST4 software suite, automates the restricted party screening process, with a view to ensuring that exporters comply with export bans and licensing requirements. The software is continuously updated to reflect changes not only in restricted party lists, but also in export control regulations. AEB employs in-house experts to ensure that changes to legislation are immediately implemented in the software.
Improved features include:
• Access to more restricted party lists, e.g. Version 4.0 includes the Swiss SECO and the US FSE list.
• White list feature. White lists prevent unnecessary matches by filtering out official sanctions list entries that do not apply.
• Greater clarity in export controls:The software highlights which export law is applicable and which national authority has jurisdiction. It is possible to customise site-specific settings for screening against the EU Dual-Use Regulation and specific national laws.
Ane Mette Hermansen, manager of global export control at Elekta AB says: “We were looking for a compliance solution that accommodates automated entity screening as well as ad-hoc screening of addresses, and at the same time provides a foundation for future growth and extended functionality. We have chosen AEB’s Compliance 4.0 solution based on the flexibility of screening options and the modular system structure which facilitates the possibility to add further functionality and to integrate other parts of the business. Following review of comparable systems in the market, we believe that we have selected the right system to fit the needs of our company now, and in the future. The value-benefit ratio is right, and our users are particularly happy with the user interface of Compliance 4.0.”
