Copyright 2006, Traffic World, Inc.
As security-conscious shippers seek more upfront information about overseas business partners, JPMorgan Chase Vastera rolled out a service that combines name screening with international trade security technology.
Governments increasingly prohibit the exchange of commodities, technical data and services. Noncompliance can lead to substantial fines, loss of trading privileges or imprisonment.
"Our name-screening methodologies and strategies meet a standard of care we believe is expected by the U.S. Treasury Department''s Office of Foreign Assets Control and the U.S. Commerce Department''s Bureau of Industry and Security," said Larry Christensen, JPMorgan Chase Vastera''s vice president of export controls and former BIS official. "Our goal is to help companies remain compliant by maintaining a clean customer, vendor and supplier database, ultimately resulting in a strong, efficient supply chain."
JPMorgan''s Restricted Party Screening product reviews customer names and addresses against more than 50 continuously updated international lists of restricted or blacklisted entities. Vastera, which JPMorgan acquired one year ago, then delivers a compliance record, highlighting lists a customer is on, outlining legal requirements associated with specific lists and recommending immediate compliance steps. Screened names are archived for audit trail reference.