Trade compliance refers to the process of ensuring that import and export activities comply with the laws, regulations, and policies of the countries involved in the transaction. The goal of trade compliance is to ensure that goods and services move across borders legally, without violating any laws or regulations.
Trade compliance includes a range of activities, such as screening potential business partners, ensuring the proper documentation is in place, complying with customs regulations, adhering to trade agreements, and managing compliance risks. Failure to comply with trade regulations can result in fines, penalties, and reputational damage for the company.
