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.
Additional Articles of Interest
- Supply chain executives are discovering new ways to apply technology and innovative processes to the challenge of managing uncertainty. Read more in "Rethinking Risk," cover story in the August/September 2005 issue of Supply & Demand Chain Executive.
Imminent terrorist attacks or no, your competitive advantage demands that you secure your company's supply chain. Read more in "Supply Chain Security: Is Your Company Complacent or Engaged?," in the February/March 2005 issue of Supply & Demand Chain Executive.
For a look at how Tyco Fire & Security is tackling trade compliance issues in its global supply chain, see "Turning Global Trade Compliance Into a Competitive Advantage," in the August/September 2004 issue of Supply & Demand Chain Executive.
For more information on the challenges and opportunities presented by increasingly global supply chains, see the special in-depth report in the August/September 2004 issue of Supply & Demand Chain Executive, which includes the following articles:
- Making Global Supply Chains Work Supply and demand chain practitioners take on the challenges and opportunities of world marketplace.
- The Hidden Costs of a Global Supply & Demand Chain - Veteran industry observers warn of potential hidden costs of offshoring.
- Mastering the Complexity Challenge in the Global Supply Chain - While many companies are acting globally, they are still thinking locally.
- Ensuring Security of Supply in the Lean Supply Chain - Balancing the demands of security with the requirements of today's lean supply chains
- The World Is Enough - Making the global high-tech supply chain more accessible.