Amber Road and Dow Jones Partner to Deliver Expanded Restricted Party Screening Capabilities
05 Giugno 2018 - 3:39PM
Business Wire
50% Rule Screening Lists Added to Trade Content
Data
Amber Road (NYSE: AMBR), a leading provider of global trade
management (GTM) solutions, announced today a new partnership with
Dow Jones Risk & Compliance to offer enhanced Restricted Party
Screening (RPS).
Amber Road has integrated Dow Jones Risk & Compliance’s
Sanctions Ownership Research (SOR) list within their best-in-class
Global Knowledge® database. Amber Road’s Global Knowledge® helps
automate RPS processes to quickly vet customers, suppliers and
other trading partners against 600+ restricted and sanctioned party
lists sourced from government institutions worldwide. Automated RPS
helps companies mitigate risk and avoid doing business with
undesirable entities.
The US government blocks US companies from doing business with
entities that are majority-owned by individuals on the Specially
Designated National (SDN) list. Also known as the Ultimate
Beneficial Owner (UBO) or the “50% rule,” compliance requires
diligent research on the part of importers and exporters into an
organization’s structure – a daunting task for even the most
well-equipped compliance team.
“The addition of Dow Jones’ SOR list to the screening process
will help our customers stay in compliance and avoid doing business
with firms owned in part or wholly controlled by sanctioned
persons,” said Ty Bordner, SVP of Marketing and Business
Development for Amber Road. “The Dow Jones SOR list goes beyond the
industry standard and government requirements by including all
individual ownership stakes of 10% or more.”
Alex Tame, Global Head of Partners and Content Integration, Dow
Jones Risk & Compliance, said, “With businesses under more
pressure than ever before to focus on compliance, we’re confident
that our Sanctions Ownership Research data is the most
comprehensive and accurate in the market. Working with Dow Jones’
SOR content will give Amber Road customers the data they need to
make better informed decisions and meet their regulatory
needs.”
By incorporating the Dow Jones SOR list, Amber Road’s automated
RPS process identifies if the sum of the sanctioned owners adds up
to a majority stake or not, as defined by EU and US regulators.
Additionally, SOR identifies firms that are “controlled” by persons
sanctioned by the US or EU: Firms with sanctioned persons either in
upper management or on the Board of Directors who exert voting
control.
The SOR list not only covers individuals and firms subject to
asset freezes, but also those who are subject to business
restrictions due to their involvement in specific sectors of the
global economy. This includes:
- Parties listed on the Office of Foreign
Assets Control (OFAC) Sectoral Sanctions Identification (SSI) List,
and its EU equivalent.
- ISINs (International Securities
Identification Number) of debt and equity securities subject to
restrictions under the U.S. and EU Ukraine-related sanctions
programs.
Global Knowledge® seamlessly integrates with Amber Road’s global
trade management solutions, whereas most other providers require
this content to be manually maintained during the execution of the
transaction. With Global Knowledge®, companies can realize
significant productivity gains from eliminating this time-consuming
task. To learn more about Amber Road’s SOR screening solutions,
check out our brochure: http://bit.ly/SORscreening.
About Dow Jones Risk & ComplianceDow Jones Risk &
Compliance is a global provider of third party risk management and
regulatory compliance solutions. Working with clients across the
globe, it delivers research tools and outsourced services for
on-boarding, vetting and investigation to help companies comply
with anti-money laundering, anti-bribery, corruption and economic
sanctions regulation in mitigating third party risk. Dow Jones is a
division of News Corp (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV).
About Amber RoadAmber Road’s (NYSE: AMBR) mission is to
dramatically transform the way companies conduct global trade. As a
leading provider of cloud-based global trade management (GTM)
software, trade content and training, we help companies all over
the world create value through their global supply chain by
improving margins, achieving greater agility and lowering risk. We
do this by creating a digital model of the global supply chain that
enables collaboration between buyers, sellers and logistics
companies. We replace manual and outdated processes with
comprehensive automation for global trade activities, including
sourcing, supplier management, production tracking, transportation
management, supply chain visibility, import and export compliance,
and duty management. We provide rich data analytics to uncover
areas for optimization and deliver a platform that is responsive
and flexible to adapt to the ever-changing nature of global
trade.
For more information, please visit www.AmberRoad.com, email
Solutions@AmberRoad.com or call 201-935-8588.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180605006066/en/
MediaVeronika Clough, +1
203-820-6061VeronikaClough@AmberRoad.comorAmber RoadAnnika
Helmrich (US & Canada), +1
201-806-3656AnnikaHelmrich@AmberRoad.com
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