Global Knowledge®

Amber Road, a leading provider of global trade management solutions, announced yesterday that Vishay Intertechnology, Inc. (NYSE:VSH), one of the world’s largest manufacturers of discrete semiconductors and passive electronic components, reduced corporate risk and improved compliance with trade regulations using Amber Road’s Restricted Party Screening (RPS) On-Demand solution.

Integrated into three separate instances of SAP, the RPS On-Demand solution enables Vishay to screen tens of thousands of its customers and vendors across the Americas, Europe, the Middle East and Asia, against over 200 restricted party lists from government institutions worldwide.

Click here to read the entire press release.

According to the Bureau of Industry and Security (BIS), ING Bank N.V. has agreed to forfeit $619 million to the Justice Department and the New York County District Attorney’s Office for illegally moving billions of dollars through the US financial system on behalf of Cuban and Iranian sanctioned entities. ING Bank is held responsible for conspiring to violate the International Emergency Economic Powers Act (IEEPA) and the Trading with the Enemy Act (TWEA), as well as violating New York state laws by illegally moving over $2 billion dollars through the US financial systems via more than 20,000 transactions between the early 1990s and 2007. This fine is the largest ever against a bank in connection with an investigation into US sanctions violations.

ING Bank executed this scheme through tactics including:

• eliminating payment data that would have revealed the involvement of sanctioned countries and entities
• advising sanctioned clients on how to conceal their involvement in U.S. dollar transactions
• threatening to punish certain employees if they failed to take specified steps to remove references to sanctioned entities in payment messages

Most upsetting is that these illegal activities occurred with the knowledge and encouragement of members of both the legal and compliance departments.

The bank has also entered a parallel settlement agreement with the Office of Foreign Assets Control (OFAC). As part of the agreement, ING will be required to conduct a full review of its policies and procedures to ensure that its compliance program is functioning effectively.

To read the entire Bureau of Industry and Security (BIS) press release, click here.

For information on Amber Road’s Restricted Party Screening solution, which enables companies to automate the screening process, click here.

df

A new white paper released today by Amber Road found that mid-market companies are increasingly at risk for violating U.S. export regulations. This is especially concerning because U.S. export volumes are on the rise. According to a recent U.S. Bureau of Economic Analysis report, U.S. exports grew 7.7% from January 2011 to January 2012.

Amber Road surveyed 150 mid-market companies about their export compliance processes. They found that 23% do not screen for restricted parties prior to engaging with trading partners and customers, and only 41% have a comprehensive export compliance program in place. Not surprisingly, survey respondents pointed to a lack of executive sponsorship as a primary reason for their companies’ trade compliance deficiencies.

To learn more, read the full press release, or download a copy of the white paper.

dfd

Join Amber Road on Wednesday, February 22^nd at 2:00pm EST, for a complimentary webinar showcasing TradeWizards.com, a new cloud-based portal that enables companies to classify products, calculate duties and taxes, and screen for restricted parties…for FREE!

During the “TradeWizards.com: Answers to Your Tough Trade Questions” webinar, industry experts will review the challenges companies are facing when it comes to importing and exporting, and show you how TradeWizards.com can help combat those challenges.

Speakers will include:
Scott Byrnes, Vice President of Marketing, Amber Road
Steve Keighley, Solutions Consultant, Amber Road

Join us to learn how TradeWizards.com can help you tackle your compliance challenges.  Register today!
dfd

Amber Road, a leading provider of Global Trade Management solutions, announces the launch of its latest trade compliance product, TradeWizards.com, a free cloud based portal for global trade.  TradeWizards.com is a suite of nine different research tools that helps organizations quickly answer questions related to the cost and compliance risks associated with importing and exporting goods.

TradeWizards.com will enable users to instantly perform numerous global trade activities including: restricted party screening, product classification, and landed cost calculations..  What used to require hours of manual interpretation of trade rules is now an automated process achieved instantly via TradeWizards.com.

Find out how you can streamline the trade compliance process at your company. Watch the TradeWizards.com tutorial.

To read the full press release, please click here.

Join World Trade 100 and Amber Road (formerly Management Dynamics, Inc.) on Thursday December 15th at 2 PM EST for a complimentary webinar, Global Trade Compliance in the Oil & Gas Industry: A Case Study with Weatherford.

Global trade experts will explain the importance of automating trade compliance processes and the difficulties oil and gas companies face, as well as present recent developments in the industry. By attending this webinar, you will walk away with:

• A better understanding of the export compliance challenges oil and gas companies are facing
• Various strategic considerations to think about when implementing an automated trade compliance solution
• Best practices you can use to improve your company’s export compliance processes

Speakers will include:
Scott Byrnes, Vice President of Marketing, Amber Road (formerly Management Dynamics, Inc.)
Natalia Shehadeh, Director of Trade Compliance, Weatherford
Scott Johnston, Attorney, Specializing in U.S. Import/Export Law, Givens & Johnston, PLLC

Join us and find out how you can automate your trade compliance process!

Export Compliance Webinar Series, Part One: Restricted Party Screening

Join Customs & Trade Solutions, Inc. and Management Dynamics for a complimentary three-part Export Compliance Webinar Series, which will address the three key steps of any Export Compliance Program (ECP): Restricted Party Screening, Product Classification, and Shipment Screening and Documentation.
 
The first webinar will be held tomorrow, September 20^th at 2:00pm EDT, and will review in detail the most common first step of any export compliance program, Restricted Party Screening (RPS).
 
Global trade compliance experts will show you how to automate Restricted Party Screening to reduce your compliance risk, as well as provide a discussion on industry challenges and best practices for building an Export Compliance Program (ECP), including:

• Tips for establishing a cost-effective compliance program in a down economy
• Understanding of the technology available to manage RPS today
• How you can implement screening software across your organization
• Screening best practices of today’s top global exporters

Speakers will include:
Suzanne Richer, President, Customs & Trade Solutions, Inc.
Sanjeev Williams, Product Manager, Management Dynamics
 
Register for the webinar today!
 
Mark your calendars for the next two webinars in this series!
Product Classification: Friday, October 21
Shipment Screening & Documentation: Friday, November 18
dkjfd

Part One: Restricted Party Screening

Join Customs & Trade Solutions, Inc. and Management Dynamics for a complimentary three-part Export Compliance Webinar Series, which will address the three key steps of any Export Compliance Program (ECP): Restricted Party Screening, Product Classification, and Shipment Screening and Documentation.
 
The first webinar will be held on Tuesday, September 20^th at 2:00pm EDT and will review in detail the most common first step of any export compliance program, Restricted Party Screening (RPS).
 
Global trade compliance experts will show you how to automate Restricted Party Screening to reduce your compliance risk, as well as provide a discussion on industry challenges and best practices for building an Export Compliance Program (ECP), including:

• Tips for establishing a cost-effective compliance program in a down economy
• Understanding of the technology available to manage RPS today
• How you can implement screening software across your organization
• Screening best practices of today’s top global exporters

Speakers will include:
Suzanne Richer, President, Customs & Trade Solutions, Inc.
Sanjeev Williams, Product Manager, Management Dynamics
 
Register for the webinar today!
 
Mark your calendars for the next two webinars in this series!
Product Classification: Friday, October 21
Shipment Screening & Documentation: Friday, November 18
dkjfd

Join the Association of Corporate Counsel and Management Dynamics for a complimentary webinar, Using Technology to Enhance Your Regulatory Compliance Program, on Wednesday, September 21 at 2:00pm EDT.
 
Global trade compliance experts will discuss key strategies to consider when creating or enhancing a compliance program, including:

• Understanding international trade sanctions, including Specially Designated Nationals
• Best practices for implementing an Export Compliance Program (ECP), including complying with new I-29 deemed export certification requirements
• The importance of screening against federal government debarred lists, including Medicare/Medicaid, FDA, FAR, etc., as well as Anti-Money Laundering (AML) and FCPA compliance

Speakers will include:

• Robert Roach, Chief Compliance Officer, New York University
• Anthony Hardenburgh, VP Global Trade Content, Management Dynamics

This is a must attend event for in-house counsel and regulatory compliance professionals.  Register for the webinar today!
kdjfd