JPMorgan Chase Vastera, which provides Global Trade Management (GTM) solutions, announces the rollout of its Restricted Party Screening and Resolution Services (RPS). The new offering helps companies comply with international trade and security laws, counter-terrorism requirements of the Patriot Act, and other U.S. and foreign government regulations that may prohibit the exchange of commodities, technical data or services with certain parties deemed irresponsible traders or a threat to national security.
RPS reviews customer names and addresses against 50+ ever- changing international lists of denied parties and determines which customers, if any, are restricted or blacklisted. Vastera's internal audit team monitors these lists daily to ensure that new additions and updates are validated. Vastera then delivers a comprehensive compliance record, highlighting positive matches, identifying which lists the matches are against, outlining the legal requirements associated with each list, and recommending compliance steps. Resolution rationale for all screened names is documented and retained for audit trail reference.
Screening can be performed in a time frame that meets the customer's needs, such as hours prior to shipping or filling a payment order. Names are automatically re-screened when additions or updates are published to supported restricted party lists. This service is provided at no additional cost to Vastera customers. The RPS service can be up and running within days, regardless of the number of names that need to be screened.
Company: JPMorgan Chase Vastera
Company URL: www.jpmorganchase.com/vastera