JPMorgan Chase Offers Risk Management Service for Financial Transactions

Restricted Party Screening Service combines in-house trade knowledge, technology to aid compliance with trade and anti-terrorism laws


Restricted Party Screening Service combines in-house trade knowledge, technology to aid compliance with trade and anti-terrorism laws

Dulles, VA — February 27, 2006 — JPMorgan Chase Vastera, a provider of solutions for global trade management (GTM), announced the nationwide rollout of its Restricted Party Screening and Resolution Services (RPS), a new name-screening solution that combines trade expertise and technology to aid compliance with international trade and security laws, counter-terrorism requirements of the U.S. PATRIOT Act, and various U.S. and international government regulations.

Government laws prohibit the exchange of commodities, technical data or services with certain parties or entities that have been deemed irresponsible traders or a threat to national security. Lack of compliance with such laws can result in significant fines, loss of trade privileges and even imprisonment.

JPMorgan Chase Vastera said its RPS uses the company's trade knowledge and technology to review customer names and addresses against more than 50 international lists of denied parties and determine which customers, if any, are restricted or blacklisted.

Vastera then provides a compliance record, highlighting positive matches, identifying which lists the matches are against, outlining the legal requirements associated with each particular lists, and recommending immediate compliance steps. Resolution rationale for all screened names is documented and retained for audit trail reference.

"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 (OFAC) and the U.S. Commerce Department's Bureau of Industry and Security (BIS)," 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 Chase Vastera's Restricted Party Screening and Resolution Services is available on a nationwide basis. The company will first unite with JPMorgan Chase's Global Trade sales team on selling efforts by using the bank's existing relationships with more than 50,000 mid-market, mid-corporate and large corporate customers. The service is planned for other regions later this year.



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