TRADE COMPLIANCE & REGULATORY SUPPORT
Forced labor, embargoes and sanctions, or U.S. trade compliance laws and regulations. It is difficult to stay on top of all of the changing compliance laws and regulations, especially for small businesses with limited resources.
The WTC Denver is a non-governmental, private resource that has conducted “friendly” audits of companies to shore up potential red flags that could possibly trigger a government audit with sanctions and fees.
Developing a Trade Compliance Program is a best practice to be sure all employees are familiar with current regulations and procedures to protect the company from serious fines, civil actions, and possibly the loss of export or import privileges.
Examples of Client Deliverables
Trade Compliance Audits & Program Development
A Fortune 500 company’s international functions were spread out across multiple departments and locations. The WTC performed a gap analysis to help diagnose potential red flags and problems, resulting in the development of an Export Management and Compliance Program (EMCP), recommending staff creation and job responsibilities, and designed customized training webinars to deploy to all employees. The company created an international compliance department and hired a full-time compliance officer and implemented the recommendations of the EMCP. They reported an avoidance of $50 million in potential fines, fees and violations.
EAR / ITAR Jurisdiction
A rapidly growing startup thought that some of their services might need to follow ITAR, but were not confident they could self-determine their export jurisdiction. WTC Denver helped determine the jurisdiction and developed a customized ITAR training for all employees.
Sanctions / Embargoes
A manufacturer had products in route to Russia prior to the war with Ukraine. The WTC Denver helped advise the company to re-route the products and avoid large fines from the government due to sanctions.
