Amber Road Enhances Restricted Party Screening for PEP
July 13 2017 - 9:00AM
Business Wire
Supply Chain Risk is Minimized with Politically Exposed Persons
Screening
Amber Road (NYSE: AMBR), a leading provider of cloud-based
global trade management (GTM) solutions, announced today that it
has added advanced Politically Exposed Persons (PEPs) lists to its
Global Knowledge® database. In addition to being the industry’s
most comprehensive database of government regulations and
international business rules, Amber Road’s Global Knowledge helps
automate Restricted Party Screening (RPS) processes to quickly vet
customers, suppliers and other trading partners against 570+
restricted party lists sourced from government institutions
worldwide.
To ensure that businesses do not engage in bribery to obtain or
retain business, many countries around the world have passed
anti-corruption laws, such as the US Foreign Corrupt Practices Act,
the UK Bribery Act, the Canadian Corruption of Foreign Public
Officials Act, Chinese Anti-Corruption Laws and more. Some of these
laws do not distinguish between small and large bribery payments,
thus prohibiting any facilitation payments. PEP screening is a
risk-assessment tool to help businesses protect themselves from the
regulatory, reputational and economic risk associated with these
types of laws.
A Politically Exposed Person is defined by the Financial Action
Task Force as an individual who is or has been entrusted with a
prominent public function. Due to their position and influence, it
is recognized that many PEPs are in positions that potentially can
be abused for the purpose of committing money laundering offenses
and related predicate offenses, including corruption and bribery,
as well as conducting activity related to terrorist financing.
“The addition of this comprehensive set of PEP lists to the
screening process enhances our clients’ ability to mitigate the
risk of doing business with people prone to corruption charges such
as money laundering, bribery, terrorism financing and illegal drug
smuggling,” said Ty Bordner, VP of Solutions Consulting for Amber
Road. “Our Global Knowledge database includes tens of thousands of
additional entities from more than 220 lists under PEP alone,
covering more than 120 countries, captured using official
government sources only.”
Since PEPs generally present a higher risk for potential
involvement in bribery and corruption due to their positions and
the influence that they may hold, companies must be able to quickly
identify individuals who may pose economic and reputational risk to
their organizations. Given constant shifts in politics and
leadership around the globe, identifying partners that poses high
reputational risk is not static or straightforward. Although
persons or entities identified by PEP screening do not imply
wrongdoing of any kind, PEP screening against official governmental
sourced information allows businesses to be fully informed and
vigilant during their global decision making processes.
Global Knowledge seamlessly integrates with Amber Road’s GTM
solutions, whereas most other providers require this content to be
manually maintained during the execution of the transaction. With
Global Knowledge, companies can realize significant productivity
gains from eliminating this time-consuming task.
About Amber Road
Amber Road’s (NYSE: AMBR) mission is to dramatically transform
the way companies conduct global trade. As a leading provider of
cloud-based global trade management (GTM) software, trade content
and training, we help companies all over the world create value
through their global supply chain by improving margins, achieving
greater agility and lowering risk. We do this by creating a digital
model of the global supply chain that enables collaboration between
buyers, sellers and logistics companies. We replace manual and
outdated processes with comprehensive automation for global trade
activities, including sourcing, supplier management, production
tracking, transportation management, supply chain visibility,
import and export compliance, and duty management. We provide rich
data analytics to uncover areas for optimization and deliver a
platform that is responsive and flexible to adapt to the
ever-changing nature of global trade.
For more information, please visit www.AmberRoad.com, email
Solutions@AmberRoad.com or call 201-935-8588.
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version on businesswire.com: http://www.businesswire.com/news/home/20170713005145/en/
Media ContactVeronika Clough+1
203-820-6061VeronikaClough@AmberRoad.comorAmber Road
ContactsAnnika Helmrich (US & Canada)+1
201-806-3656AnnikaHelmrich@AmberRoad.comorMartijn van Gils (Europe
& Asia)+31 858769534MartijnvanGils@AmberRoad.com
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