Know Your Customer’s rap sheet: the risk hiding in your own book of business

The Office of Foreign Assets Control (OFAC) in the US has fined two freight forwarders in 13 months and underscored their responsibilities as gatekeepers of international trade. But what happens when the biggest compliance risk isn’t a shady consignee — it’s the blue-chip BCO paying your invoices? There is a question that almost no freight forwarder asks during onboarding, and it is arguably the most important one: how scrupulous is my ...

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