Understanding Restricted Parties Screening

By Author: Sumit Malik
Total Articles: 52
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As we know from our Article, "A Brief History of Denied Parties Screening”, Restricted Parties Screening began in the 1970s after the Export Administration Act of 1969 was enacted as an official government function when processing exports.

Since of this Act, government agencies worldwide have created restricted parties screening lists that they add entities to (individual people, companies, organizations, and countries) when those entities have violated that agency’s export rules and regulations (e.g. political unrest, repeated regulation violations, trade sanctions, ties to terrorism, etc.).

Restricted Parties Screening can change at any time; from once a month to multiple times in a day under certain conditions. The Global Wizard Restricted Parties module is updated, in real-time, whenever there are changes made to any of the source lists.

WHO PUTS THE WHO IN RESTRICTED PARTIES?

Here is just an insufficient of the databases that Global Trade Management to provide you with a real-time, centralized resource for your restricted parties’ screenings:

Consolidated Screening Lists
Office ...
... of Foreign Assets Control - OFAC
U.S. Department of State
European Union Sanctions List
US Commerce Department's Denials List
United Nations (Security Council) Sanctions

“WHAT IF I WANT TO INCLUDE MY OWN RESTRICTED PARTIES ENTITIES?”

Your company might have a history with explicit entities that makes you just not want to do business with them.

Non-payment or slow payment of previous transactions
Constantly returns product, disputes warranty, or service terms
Filed litigation against the company
Has a public history of unethical or immoral practices

While many RPS (Restricted Party Screening) services do not allow you to add your own entities or create your own restricted parties list, WorkSeer offers this useful feature. Check out our Article on using this innovative tool within the Restricted Parties module to create a custom restricted parties list.