Restricted party screening software from JPMorgan Chase Vastera said to help companies avoid non-compliance penalties
Dulles, VA — June 6, 2005 — JPMorgan Chase Vastera Inc., a provider of solutions for global trade management (GTM), today announced that 10 new customers have signed on to use its TradeSphere Restricted Party Screening (RPS) software to comply with the U.S. PATRIOT Act and numerous international importing and exporting laws.
JPMorgan Chase Vastera said TradeSphere RPS is designed to help companies avoid non-compliance penalties by screening customer and partner names against more than 40 international "denied party lists."
Among the companies that have signed on over the past several months are Airbus North America Customer Services Inc., Calgon Carbon Corp. and Teledyne Energy Systems Inc.
TradeSphere RPS also provides companies with an audit trail, should their shipping practices ever come under government review. The automated screening process also saves staff from manually checking names against the ever-changing lists that contain thousands of names and entities.
"Due to increased regulatory scrutiny in the global trade arena, JPMorgan Chase Vastera continues to see interest in our automated compliance screening technology," said Bernie Hart, Global Product head, JPMorgan Chase Vastera. "By investing in a tool that can be deployed to prevent the illegal shipment of goods, companies protect their trade interests and ensure the continued flow of their supply chain."
