U.S. BIS guidance for financial institutions on best practices to comply with Export Administration Regulations

Background information and recommendations to minimize the likelihood of EAR violations

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October 9, 2024

The Bureau of Industry and Security (BIS) of the U.S. Department of Commerce today released guidance for financial institutions on best practices for complying with the Export Administration Regulations (EAR).

According to a related BIS release (October 9, 2024), the guidance includes background information on the EAR and recommendations to minimize the likelihood of EAR violations. Recommendations include:

  • A description of EAR-related due diligence best practices
  • The encouragement of ongoing transaction reviews for red flags
  • An explanation of which types of real-time transaction screenings are and are not regarded as a best practice

For more information, contact a professional with KPMG Trade & Customs services:

Doug Zuvich
Partner and Global Practice Leader
E: dzuvich@kpmg.com

John L. McLoughlin
Principal and East Coast Leader
E: jlmcloughlin@kpmg.com

Andy Siciliano
Partner and National Practice Leader
E: asiciliano@kpmg.com

Steve Brotherton
Principal and Global Export and Sanctions Leader
E: sbrotherton@kpmg.com

Luis (Lou) Abad
Principal, Washington National Tax
E: labad@kpmg.com

Irina Vaysfeld
Principal
E: ivaysfeld@kpmg.com

Amie Ahanchian
Principal
E: aahanchian@kpmg.com

Christopher Young
Principal
E: christopheryoung@kpmg.com

Gisele Belotto
Principal
E: gbelotto@kpmg.com

George Zaharatos
Principal
E: gzaharatos@kpmg.com

Andy Doornaert
Managing Director
E: adoornaert@kpmg.com

Jessica Libby
Principal
E: jlibby@kpmg.com
Jenna Leigh Glass
Managing Director
E: jennaleighglass@kpmg.com

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