Exporters, it’s that time of the year. It’s a good time to review those compliance practices you haven’t looked at in a few months. MGTA wants to provide you with some helpful tips to ease this year’s process. False hit lists, kept by exporters, entail the names of companies/people that are similar or identical to entries on government screening lists. Let’s take a look at how to make false hit lists more compliant.
The Office of Foreign Asset Controls (OFAC) issued a False Hit List Guidance Report. Since U.S. economic sanction programs are complex and ever changing, the report provides measures that are helpful in keeping false hit list entries fresh and compliant.
- When there are implementations of new sanctions programs, false hit lists will be amended as needed.
- For customers already on the false hit list, any changes that are made to the customer’s information—like a change in place of business, will trigger a review of a false hit list entry.
By Lauren Felasco