Interfax launches new X-Compliance feature to check goods for sanctions risksThe Interfax Group has launched a new X-Compliance service feature to check goods for sanctions risks, primarily export and import restrictions.Businesses faced restrictions unprecedented in scale in 2022, including trade restrictions on exports and imports. This is a vast area with its own complex legal framework.Understanding which goods are subject to restrictions of one kind or another is important to assess risks when interacting with customers, counterparties and related parties. This information is needed by exporters, importers, banks and other supply chain participants.More than 10,000 goods, from microchips and cranes to truffles and tennis balls, are subject to sanctions-related restrictions imposed against Russia by the U.S., EU and UK.Unlike the lists of sanctioned individuals and companies that foreign agencies frequently provide in consolidated form, data about sanctioned goods is much more fragmented and varied.The new X-Compliance feature combines updated information from various sources on single cards and enables the user to check an item for sanctions risks by an extensive search.The product card contains the description and various identifiers, for example, goods nomenclature and export control codes, information about sanctions restrictions of various jurisdictions against this product and information about other sanctioned entities associated with it - individuals, organizations, goods, countries.The X-Compliance feature enables the user to generate reports with product data in PDF and XLSX formats, while the XLSX report works in design format: you can load only the necessary fields - both for one-off and mass screening.Reconciled and structured information about sanctioned goods will enable market participants to minimize risks associated with the blocking of payments, delays with the supply of goods, risks of the terms of contracts being breached and terminated, as well as financial and reputational losses.X-Compliance is a service created by the Interfax Group to assess and effectively manage compliance risks in AML/CFT, the fight against corruption, sanctions, FATCA/CRS, combating the use of insider information and market manipulation. (ICE ALMATY)

Fonte notizia: INTERFAX