There is a high risk of making a mistake in relation to export controls. Even companies that export supposedly “uncritical” goods must take precautions and check their products to see if they are subject to licencing requirements, embargoes or sanctions or if there is evidence of a critical end use.
Furthermore, economic operators are prohibited from making financial or economic resources available to natural and legal persons, institutions or organisations which are subject to sanctions. In order to avert damage to the company, it is therefore essential to identify critical business partners by screening sanctions lists and, if necessary, linking them to other data sources. Thereby, it will already be possible to prevent violations of direct and indirect prohibitions on providing resources when initiating business transactions.
Violations of foreign trade law can have serious consequences in the form of severe fines or even imprisonment. The verification process (lists of goods, approval requirements and country and sanction lists) is complex and time-consuming and, ultimately, can only be efficiently and securely mapped, logged and archived using software. The connection to other IT interfaces (especially the ERP system) also requires special attention. All functions and processes involved in the company must be integrated, a task which requires a highly specialized and experienced project management.