AMAC And Yusen Select Open Harbor to Manage Their Global Security and Compliance Initiatives; Web-based Solution Allows Companies To Screen Against Restricted Markets and Companies.Business Editors/High-Tech Writers SAN CARLOS San Carlos (săn kär`lōs), residential city (1990 pop. 26,167), San Mateo co., W Calif.; inc. 1925. The chief manufactures are plastic products, hardware, and machine parts. , Calif.--(BUSINESS WIRE)--Aug. 18, 2003 Open Harbor Inc., the leader in global trade management solutions, announced today that AMAC AMAC Adults Molested As Children AMAC Assistance to Mine-Affected Communities AMAC Aircraft Monitor And Control AMAC Approximate Message Authentication Code AMAC American Military Arms Corporation AMAC Asset Management Assistance Center Corporation, a Panasonic Group Company, and Yusen Air and Sea Service (USA), Inc. a leading international freight forwarder An individual who, as a regular business, assembles and combines small shipments into one lot and takes the responsibility for the transportation of such property from the place of receipt to the place of destination. , have selected Open Harbor's restricted party screening service. The restricted party screening service enables the companies to screen their suppliers and trading partners against lists of individuals and companies that are restricted from trading, which prevents shipping to banned parties. The results for these companies are lower legal and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. , savings in fines and product losses from rejected shipments and impounding im·pound tr.v. im·pound·ed, im·pound·ing, im·pounds 1. To confine in or as if in a pound: capture and impound stray dogs. 2. , protection of shipping privileges, and a reduced risk of political or public relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most fall-out from potential shipping errors. In addition to restricted party screening, AMAC has selected additional solution features that automatically check import and export compliance for each product that the company is shipping. This ensures that all regulatory requirements for the commodities are met, enabling the effortless movement of products across international borders. "Yusen chose Open Harbor's restricted party screening service as a starting point Noun 1. starting point - earliest limiting point terminus a quo commencement, get-go, offset, outset, showtime, starting time, beginning, start, kickoff, first - the time at which something is supposed to begin; "they got an early start"; "she knew from the for our global compliance program," said Rodney Wilson, operations manager for Yusen. "The system enables Yusen to quickly check prospective trade partners in real-time against restricted party, embargo and sanction lists, ensuring that Yusen is not trading with blacklisted people, companies or countries. Open Harbor's restricted party screening service helps Yusen ensure the highest level of security with global shipments." In April 2003, the Office of Foreign Assets Control The Office of Foreign Assets Control (OFAC) is an agency of the United States Department of the Treasury under the auspices of the Under Secretary of the Treasury for Terrorism and Financial Intelligence. OFAC administers and enforces economic and trade sanctions based on U. (OFAC OFAC Office of Foreign Assets Control (US Treasury) OFAC Ontario Farm Animal Council (Canada) OFAC Olmsted Falls Airport Committee OFAC Organic Fertilizer Association of California ) began publicly listing companies that were fined penalties for illegally trading with countries like Iraq, Iran and Sudan. Penalties recently assessed on companies ranged from $5,500 to $75,000. With the implementation of Open Harbor's restricted party screening service, AMAC and Yusen are taking further steps in ensuring that they are not included in an OFAC report. In addition to automating global trade processes and meeting trade compliance, the new customers selected Open Harbor because of the company's hosted ASP model that allows for rapid integration and implementation. The system's real-time global trade processing is fueled by the most comprehensive, up-to-date and accurate content in the industry. Content is gathered by a team of in-house experts that are dedicated to collecting and updating the ever-changing content, which now exceeds over 8,000,000 trade rules. "We are thrilled that new companies are selecting Open Harbor to help manage their global security and compliance initiatives," said Chris Erickson, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Open Harbor. "Today's manual process of screening makes it impossible for companies to keep up with restricted party and embargo lists. With the use of our restricted party screening service, companies can replace old manual processes with a simple automated screening procedure that enables the companies to keep pace with the changing rules and regulations of global trade." Other customers that recently selected Open Harbor's restricted party service include an information technology training company and a leading digital design and content company. Additionally, companies recently using Open Harbor to help manage their compliance initiative include Allegheny Ludlum Corporation, an Allegheny Technologies company, and National Instruments. About AMAC Corporation AMAC Corporation, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Matsushita Electric Corporation of America (MECA MECA Maine College of Art MECA Middle East Children's Alliance MECA Manufacturers of Emission Controls Association (Washington, DC) MECA Marriage Equality California MECA Mars Environmental Compatibility Assessment ), is a Panasonic Group Company headquartered in the United States. AMAC is a business entity created for the sole purpose of working with American companies to promote trade of their products and/or technologies to overseas markets. AMAC's export/import promotion activities are conducted through the establishment of distribution or OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and business relationships, as well as software or technology licensing business models. Customers include Matsushita divisions as well as other major corporations. AMAC has three offices in the U.S.: Cypress, CA (head office), Secaucus, NJ and Cupertino, CA (the Silicon Valley liaison office). For more information, visit www.amaccorp.com. About Yusen Air & Sea Service (USA) Inc. Yusen Air & Sea Service (USA) Inc. is a wholly owned subsidiary of Yusen Air & Sea Service Company, Ltd., a leading international freight forwarder established in Tokyo, Japan, in 1955. Incorporated in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of in 1968, Yusen currently employs over 400 people in the U.S. and operates 29 branch offices around the country. With its specialized global services and advanced communications technology network and tracking systems, Yusen Air & Sea Service (USA) offers its customers a broad range of logistics management solutions, including air, ocean and multi-modal freight forwarding, warehousing and distribution, as well as customs clearance services. About Open Harbor Open Harbor's (www.openharbor.com) first-and-only suite of integrated trade services creates a unified view for companies and their partners to manage the complexity of international trade operations in real-time. Unlike existing solutions whose U.S.-centric and non-integrated approaches limit the potential benefits of global trade automation, Open Harbor's industrial-strength solution, delivered via the Web, is unique in its ability to support trade from and to any country. By using dynamically updated rules-based content, the solution speeds trade while ensuring vigilant compliance across the world's borders. Open Harbor . . . Global Trade Redefined. |
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