Implementing the appropriate controls to reduce TBML risk exposure can be complex within AML programs due to the wide range of jurisdictions, third parties and carriers, varied methods of payments, customer and business types, and phasing of trade transactions. However, applying sound AML principles and practices can serve to develop an effective program to limit risk. Once established, any effective AML program requires periodic assessment, modification and testing to ensure its proper utilization.
In the United States, working with terrorism specialists means joining the Customs-Trade Partnership Against Terrorism (C-TPAT) – a formal grading system that determines how much inspection (and thus delay) will affect your supply chain. Your participation in C-TPAT offers you the direct means to relieve and even reverse this impact, as we illustrate below in the many benefits. C-TPAT increases security measures and ensures appropriate documentation on imports, especially those from countries known to sponsor terrorism. While some have viewed it as an impediment to efficient importing, to the contrary C-TPAT can fast-track the process when security is assured.