Tradecard screens transactions against watch lists

US: Tradecard screens transactions against watch lists

By just-style.com | 11 March 2010

Supply chain platform TradeCard is helping its customers monitor their trading partners against international watch lists by scanning each transaction at three different points.

The move is intended to protect retailers and brands from transacting with individuals that appear on the Office of Foreign Assets Control (OFAC) list issued by the US Department of Treasury.

Parties to each transaction on the TradeCard Platform are screened at the point of registration, when the transaction begins, and when it is settled.

OFAC scanning and watch list monitoring are part of TradeCard’s Know Your Customer program, which includes standard processes for monitoring and understanding customers, screening transactions and identifying high risk parties.

“In today’s world of complex global supply chains and supply networks, it’s nearly impossible to know and monitor every supplier, trading partner or raw materials provider involved in your business,” said Kurt Cavano, CEO of TradeCard.

“But the frightening truth is that if you conduct business with an individual or organisation that appears on a denied-party list, you may be held responsible and you may be subject to heavy penalty.”