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
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