WATERLOO, ON: March 20, 2019. Descartes Systems Group has integrated Kharon’s sanctions ownership data with its denied party screening solutions.
Kharon is a research and data analytics company, led by former senior officials of the US Department of the Treasury, which provides actionable sanctions-related risk intelligence to financial services firms and other multinational institutions.
The Descartes move is to help organizations ensure they are not conducting business with entities that are majority-owned by individuals or companies sanctioned by the Department of the Treasury’s Office of Foreign Assets Control (OFAC).
Descartes already provide companies with the ability to screen against a comprehensive database of people, organizations and countries on official lists maintained by government agencies and international organizations regulating global trade.
Now companies can enhance the screening of entities owned by individuals or companies whose property and interest in property are blocked by using the Kharon interface. Customers can tailor screening processes to fit their unique risk parameters, flag potential compliance issues for resolution, and integrate denied party screening with global trade and enterprise resource management systems.
“It is critical to know your customers and other commercial partners, and expanding Descartes’ capabilities with Kharon helps organizations ensure they are not transacting business with individuals or entities that need to be blocked or are subject to restrictions, but may not be listed on OFAC’s SDN List or SSI List,” said Ken Wood, Descartes EVP Product Management.
The U.S. Treasury Department said on March 19 it had imposed sanctions on the Venezuelan state-run ferrous metals mining company CVG Compania General de Mineria de Venezuela CA, or Minerven.
Minerven was sanctioned for what the Treasury called the company’s role in propping up the Venezuelan government of Nicolas Maduro (pictured with gold bar). The US has also sanctioned Minerven’s president, Adrian Antonio Perdomo Mata.
In January the Trump administration announced the Maduro government was no longer legitimate, saying it recognized opposition leader Juan Guaido as interim president.
