Sanction Screening: The risk for companies is real
Penalties for breaching sanctions not only inﬂuence proﬁts but place your entire revenue at risk. For example, the US is threatening Chinese enterprise ZTE with ﬁnes up to 900 million USD and up to 30 years imprisonment for those responsible.
Government-imposed embargoes and sanctions on who you can trade with and how, are changing almost daily which poses a great risk to your business. How do you keep up-to-date with which payments and cash transfers are allowed? While you may have successfully worked with many of your suppliers for a number of years — and know them well — do you have the same visibility over those working with your subsidiaries? What measures are in place to deal with invoices that cannot be paid?
The penalties if you get it wrong are huge, in lost reputation and future business as well as ﬁnancially, through heavy ﬁnes, or worse, for non-compliance. And the responsibility for any failures are spread widely across the whole organization —from ﬁnance to compliance. The solution is to centralize sanction screening and run it as an integral part of the payment process — providing you with the reassurance that you are fully compliant.
Read the TIS Sanction Screening fact sheet for expert tips on this topic.