NEW YORK and LOS ANGELES,
March 25, 2019 /PRNewswire/
-- Kharon today announced that it has partnered with Descartes
Systems Group (Nasdaq: DSGX) (TSX: DSG) to integrate Kharon's
sanctions ownership data with Descartes's denied party screening
solutions. Descartes issued a media advisory announcing this
partnership on March 20.
Kharon is a research and data analytics company that focuses on
the networks, jurisdictions and activities targeted by global
sanctions programs, and associated commercial relationships that
present material risk considerations. Kharon products include
information on entities that may be majority owned or controlled by
sanctioned actors.
By enhancing Descartes's denied party screening solutions with
Kharon's sanctions ownership data, Descartes's
software-as-a-service solutions can be integrated into businesses'
risk screening systems to ensure they are not conducting business
with entities that are majority-owned by sanctioned individuals or
companies. This solution supports compliance with US and EU
requirements that prohibit or restrict transactions with entities
that are owned 50 percent or more by a designated person, or by a
combination of designated persons equal to 50 percent or more.
"The ecosystem of material relationships around sanctioned
actors is increasingly recognized as far more diverse and complex
than what appears on a sanctions list. This can be further
complicated with sanctions evasion tactics, including the use of
shell companies, successor organizations, front people, opaque
ownership structures, and shifting procurement channels," said
Kharon Chief Client Officer Howard
Mendelsohn. "Inadvertent commercial exposure to entities
that are majority owned by listed individuals and entities could
bring serious legal, regulatory and reputational
consequences."
"Leading financial institutions and global corporates recognize
the need for tools to keep pace with rising regulatory expectations
and industry best practices, especially with respect to companies
and individuals materially associated with sanctioned actors that
do not appear on government lists," said Kharon VP of Global Sales
Victoria Lumb. "Incorporating sophisticated technology and
relevant, cutting edge data analytics can have a significant impact
in supporting efforts by business to avoid inadvertently
facilitating illegitimate commercial activity."
About
Descartes
Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing
on-demand, software-as-a-service solutions focused on improving the
productivity, performance and security of logistics-intensive
businesses. Customers use our modular, software-as-a-service
solutions to route, schedule, track and measure delivery resources;
plan, allocate and execute shipments; rate, audit and pay
transportation invoices; access global trade data; file customs and
security documents for imports and exports; and complete numerous
other logistics processes by participating in the world's largest,
collaborative multimodal logistics community. Descartes's
headquarters are in Waterloo, Ontario,
Canada and it has offices and partners around the world.
Learn more at www.descartes.com, and connect with Descartes
on LinkedIn and Twitter.
About Kharon
Kharon is a leading provider of research
and data analytics on the networks, activities and jurisdictions
targeted by global sanctions programs. Kharon's clients include
first tier international financial institutions, global corporates,
and professional services firms. Kharon is headed by former senior
officials from the U.S. Department of the Treasury's Office of
Intelligence and Analysis, Office of Foreign Assets Control, and
Financial Crimes Enforcement Network. For more information,
visit www.kharon.com and connect with us on LinkedIn
and Twitter.
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SOURCE Kharon