Amber Road and Dow Jones Partner to Deliver Expanded Restricted Party Screening Capabilities
EAST RUTHERFORD, N.J.--(BUSINESS WIRE)--Jun 5, 2018--Amber Road (NYSE: AMBR), a leading provider of global trade management (GTM) solutions, announced today a new partnership with Dow Jones Risk & Compliance to offer enhanced Restricted Party Screening (RPS).
Amber Road has integrated Dow Jones Risk & Compliance’s Sanctions Ownership Research (SOR) list within their best-in-class Global Knowledge ® database. Amber Road’s Global Knowledge ® helps automate RPS processes to quickly vet customers, suppliers and other trading partners against 600+ restricted and sanctioned party lists sourced from government institutions worldwide. Automated RPS helps companies mitigate risk and avoid doing business with undesirable entities.
The US government blocks US companies from doing business with entities that are majority-owned by individuals on the Specially Designated National (SDN) list. Also known as the Ultimate Beneficial Owner (UBO) or the “50% rule,” compliance requires diligent research on the part of importers and exporters into an organization’s structure – a daunting task for even the most well-equipped compliance team.
“The addition of Dow Jones’ SOR list to the screening process will help our customers stay in compliance and avoid doing business with firms owned in part or wholly controlled by sanctioned persons,” said Ty Bordner, SVP of Marketing and Business Development for Amber Road. “The Dow Jones SOR list goes beyond the industry standard and government requirements by including all individual ownership stakes of 10% or more.”
Alex Tame, Global Head of Partners and Content Integration, Dow Jones Risk & Compliance, said, “With businesses under more pressure than ever before to focus on compliance, we’re confident that our Sanctions Ownership Research data is the most comprehensive and accurate in the market. Working with Dow Jones’ SOR content will give Amber Road customers the data they need to make better informed decisions and meet their regulatory needs.”
By incorporating the Dow Jones SOR list, Amber Road’s automated RPS process identifies if the sum of the sanctioned owners adds up to a majority stake or not, as defined by EU and US regulators. Additionally, SOR identifies firms that are “controlled” by persons sanctioned by the US or EU: Firms with sanctioned persons either in upper management or on the Board of Directors who exert voting control.
The SOR list not only covers individuals and firms subject to asset freezes, but also those who are subject to business restrictions due to their involvement in specific sectors of the global economy. This includes:Parties listed on the Office of Foreign Assets Control (OFAC) Sectoral Sanctions Identification (SSI) List, and its EU equivalent. ISINs (International Securities Identification Number) of debt and equity securities subject to restrictions under the U.S. and EU Ukraine-related sanctions programs.
Global Knowledge ® seamlessly integrates with Amber Road’s global trade management 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. To learn more about Amber Road’s SOR screening solutions, check out our brochure: http://bit.ly/SORscreening.
About Dow Jones Risk & Compliance Dow Jones Risk & Compliance is a global provider of third party risk management and regulatory compliance solutions. Working with clients across the globe, it delivers research tools and outsourced services for on-boarding, vetting and investigation to help companies comply with anti-money laundering, anti-bribery, corruption and economic sanctions regulation in mitigating third party risk. Dow Jones is a division of News Corp (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV).
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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180605006066/en/
Veronika Clough, +1 203-820-6061
Annika Helmrich (US & Canada), +1 201-806-3656
KEYWORD: UNITED KINGDOM UNITED STATES EUROPE NORTH AMERICA NEW JERSEY IRELAND
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT INTERNET SOFTWARE PROFESSIONAL SERVICES BANKING FINANCE
SOURCE: Amber Road
Copyright Business Wire 2018.
PUB: 06/05/2018 09:39 AM/DISC: 06/05/2018 09:39 AM