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Forum di prova - Radiant Pay, not only offer merchant account

zhouyueyue - 23 Ago 2019 04:22:31
Oggetto: Radiant Pay, not only offer merchant account
In a recent case
, a US Citizen and CEO of a metallurgy company was found guilty of exporting cobalt and nickel to Iran without acquiring a license from the US Treasury Department鈥檚 OFAC. There are several indicators suggesting that this was a murky deal, especially due to the unlawful diversions. The transaction was certainly a diversion to a U.S. sanctioned country and prohibited under the U.S. law. As such, the CEO was penalized with a sentence of 4 years in prison.

This case suggests how serious the U.S. government authorities are in terms of export controls. Obviously, the U.S. doesn鈥檛 want to suffer in the hands of terrorists, rogue governments and other extremist bodies that make the world a vulnerable place. Therefore
, all kinds of businesses should toe the line and adhere to the strict export control regulations.


The government recommends Denied Party Screening as the best method for evaluating the risk related to the buyers, consignees and importers located outside of the US.


How does the government hold an organization responsible for its export deals?


Exporting companies and organizations, as well as any companies dealing with foreign nationals and foreign businesses need to keep a complete record of the party they are dealing with. Name and address information, and if known, the information related to the shareholders of the buyerimporter need to gathered and screened separately against the restricted and sanctioned party lists.


Thanks to the compliance efforts of the exporters鈥?community
, the US national security remains strong in all aspects. As a responsible and compliant organization, you should take strong measures to ensure no transaction has been done with restricted andor denied entities and persons inadvertently.


How to achieve that?


The US Departments of State, Commerce and Treasury have revoked and restricted export privileges of several individuals, organizations, and also imposed sanctions on certain countries. Along with the BIS (Bureau of Industry and Security)
, Office of Foreign Assets Control (OFAC) publish several lists that contain restricted and denied entities. As a prerequisite for any international transaction, you have to review, verify and screen all parties involved in the transaction. This process is called export screening or watch list screening.


Since the US regulations and the restrictedwatch list are updated regularly and quite frequently, you will have to maintain and update the information available. In order to achieve all these, the key challenges include storage and linking of information about traders
, individuals, organization, etc.; identifying whether the partner鈥檚 name is on a banned party list or not; holding and resolving processes for seamless shipments.


Professional solutions for organizations


You already know how daunting it is to implement the toughest measures. Precisely, the professional solution is installing a restricted party screening software. Seen as a technological advancement, the software allows quick and precise screening of traders
, partners, dealers, importers, etc.


It would take a lot of time if you deploy manual resources for evaluating a trader鈥檚 identity against the denied party lists. Ultimately, you lose a fair amount of valuable time and resources. On the other hand
, the automated software offers a versatile and efficient platform, making the matters simpler and easier.


As of price considerations, while the large companies can avail expensive screening software for themselves, the small and medium organizations can benefit from the cloud-based solutions. You can request for trial versions of the software from the software vendors or companies and evaluate them.


Author Bio:-


Fred Danny has written several articles about the denied party screening software and trade compliance solutions. He highlights about Export Screening controls and cloud-based solutions for small and mid-sized businesses. He also explains why restricted party screening software is an evident requirement.

More About the Author

linqs software helps you with an accurate KYC screening of customers or trading partners before entering a deal with them.

Total Views: 213Word Count: 597See All articles From Author
Internet is a center point for shopping and various other services for this generation. So much so that people find it really easy to initiate their dating from online encounters. The nature of this industry has been through a lot of scrutinizes and misconceptions but youth has been supportive of this idea.


There are many dating websites and applications. There is by all accounts one for each making this a profitable and helpful business enterprise. For those searching for a new business assignment, this is enormous in profits. Be that as it may
, one of the most concerning issues comes when you are searching for a Merchant account opening .


Radiant Pay, not only offer merchant account for online dating business but also provide customised solutions for your industry-specific needs like Online Banking, Credit Card Processing, ACH & Cheque Processing etc. that'll help your Business churn high volume of transactions, seamlessly.

WHY IS ONLINE DATING SITES ARE CONSIDERED AS 鈥淗IGH RISK BUSINESS鈥?p>

Approx 15 % to 18% europe population is dependent on online dating and it generates revenues in billions for them. As we know there is a lot of potential in this field because youth is attracted so much.


Tips to remember are-


Chargeback Rates are so High
Dating is totally based on personal fulfillment of a person. If they find the match of their choice from the bank of your user accounts
, at that point they will pay the cash else they would charge it back Because of the flow of this field. Due to the dynamics of this field, the merchants in order to avoid future.


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