AEB hosted a defence and aerospace forum at Warwick Castle in May, which saw a sizeable turnout. Issues such as the impact of the Export Control Act 2002 and penalties for violators, the importance of export licensing, electronic Customs as a European standard and trade controls were debated.
At the forum, AEB outlined its compliance product to help companies cope with the requirements of legislation. The first of its three modules is called Advanced Compliance. This provides automated checking of all addresses in integrated systems. These are screened against official denied party lists such as the Bank of England List of Consolidated Financial Targets and the US Denied Persons List.
The second module, Export Controls, allows incorporation of the regulations and permit obligations involved in export control, as well as allowing for the monitoring of export transactions for compliance with regulations.
Finally, the Licence Management module allows administration and control of import and export licences.