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JORDAN’S COMPLIANCE WITH INTERNATIONAL SANCTIONS UNDER SCRUTINY
Compliance with international sanctions has become a major concern for businesses operating in JORDAN. Non-compliance can lead to severe financial penalties, making it essential for companies to ensure they are compliant.
The 50% Rule: A Key Challenge
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) established the “50% Rule”, which poses particular challenges for companies seeking to avoid violating sanctions. Under this rule, even companies not listed on the Specially Designated Nationals (SDN) or Sectoral Sanctions Identifications (SSI) lists can be considered blocked if they are owned by individuals or organizations appearing on these lists.
Consequences of Non-Compliance
The consequences of non-compliance are severe. Financial penalties far outweigh those associated with other areas of trade compliance, making it essential for companies to take proactive steps towards improved compliance.
The Responsibility Lies with the Organization
The responsibility for ensuring compliance rests solely on the organization engaging in international business. Conducting thorough due diligence to identify potential risks and ensure proper compliance is an uphill battle, especially given the dynamic nature of global relationships and data.
Proactive Steps Towards Improved Compliance
To stay ahead of the curve, businesses operating in JORDAN must take proactive steps towards improved compliance. The first step is to assess and understand one’s own level of risk exposure. Identifying areas of high risk and implementing measures to mitigate these risks is crucial. Partnering with a trusted organization that can provide the necessary expertise, data, and technology solutions can be instrumental in achieving this goal.
Leveraging Technology for Compliance
A robust software solution such as Thomson Reuters ONESOURCE Denied Party Screening can help companies maximize compliance by screening over 350 global lists for restricted persons, companies, and sanctioned countries. Its advanced search engine allows for tailored configurations to manage risk levels, minimizing false positives while ensuring actual hits are detected.
Key Benefits of a Robust Compliance Solution
- Screen over 350 global lists for restricted persons, companies, and sanctioned countries
- Advanced search engine with tailored configurations to manage risk levels
- Minimize false positives while detecting actual hits
- Stay ahead of the curve in international sanctions compliance