Regardless of the size or location of your business, or what products you sell, if you are exporting your products, then the they should be correctly classified. But what is even more critical is the necessity to screen all the parties for each of your transaction that you export to.
The list of sanctioned/denied/restricted party list is regularly updated and published by the US Government, United Nation, the European Union and other regulatory agencies. Carrying out necessary due diligence for sanctioned party screening and following the best practices for the same as a part of your export compliance and management plan is a strong mitigating factor to protect your business from getting fined or penalized.
Hence, it is never too little or too late to implement a fully automated SPL screening for a successful export compliance and management.
If you are planning to have a fully automated SPL screening or wish to know how, Krypt can help you implement the best practices for SPL using SAP GTS. Read our whitepaper “Best Practices for SPL using SAP GTS”.