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Restricted Parties Screening

Restricted Parties List Screening

 

It is important for a company to do a restricted parties list screening upon the receipt and acceptance of each export order. This will allow a company to avoid involvement in initiating an export transaction with an U.S. export restricted party.   There are several lists to search that are frequently updated. A few examples of government lists that should be checked are the Denied Persons List, Entity List, and Specially Designated Nationals List. The Consolidated Screening List provides a comprehensive list of Treasury, State, and Commerce restricted lists but is not updated as frequently as the individual lists and thus may be out of date.

 

OFAC’s Specially Designed Nationals List is updated the most frequently, often several times a week. Therefore it is important and necessary to complete a restricted parties list screening with every export transaction as old information may no longer be valid. If it is found that a party to the transaction is on a Restricted Parties list, it is recommended that the transaction not be accepted.

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