“Visual Compliance is important for us remaining compliant with existing and new regulations, especially as we continue to expand internationally.”
COMPLIANCE ADMINISTRATOR, IT INDUSTRY
The Countering America’s Adversaries Through Sanctions Act (CAATSA) is aimed at enforcing sanctions against Iran, North Korea, and Russia. The 2017 Act was passed, in part, to counter what the U.S. government describes as aggression by the Governments of those nations. The bill is expected to result in more entities being placed on SDN (Specially Designated Nationals) and restricted party lists, as well as increasing the scope of existing regulations. The Office of Foreign Assets Control (OFAC) has been charged with enforcing the provisions of the law.
eCustoms’ restricted party screening, sanctioned party ownership screening, and other trade compliance solutions can help you comply with CAATSA on an ongoing basis. Our solutions are updated daily, including changes made to regulations, along with watch lists covering SDNs, restricted and denied parties, and sanctioned and embargoed countries.
Having a proper solution in place to assist you in staying CAATSA-compliant is especially important for oil and gas companies, financial institutions, charities, and cyber-security organizations.
What is CAATSA?
CAATSA sanctions are primarily a response to several areas of concern, including
- Iran’s destabilizing military activities; and
- Russia’s human rights abuses, corruption, continued abuses of cyber-security conventions, and suspected links of Russian crude oil and natural gas companies with the country’s political elite.
The provisions of CAATSA reinforce sanctions currently in place—such as restrictions placed on financial transactions with North Korean and linked entities—that restrict American and non-American companies alike from engaging in business with entities based in those countries.
It is more important to ever before that your business become familiar with the details of the additional sanctions and embargoes imposed on Iran, North Korea, and Russia by the Countering America’s Adversaries Through Sanctions Act. Companies and individuals in breach of these sanctions could be opening themselves up to severe penalties for being in circumvention of the law.
More information about CAATSA can be found on the Treasury.gov website.