What is sanctioned party list in SAP SD-FT - Foreign Trade?

SAP Term: sanctioned party list

• Component: SD-FT

• Component Name: Foreign Trade

• Description: An official list of individuals or organizations that are denied certain trade privileges or with whom trade is banned. Sanctions can include the denial of a party the benefit of export licenses, loans, government bonds, or funds. They can include the restriction of services such as assistance in the import or export of goods, or sale of goods to a particular government.

Smart SAP Assistant

• Key Concepts: 
  Sanctioned Party List (SPL) is a component of SAP Foreign Trade (SD-FT) that helps organizations comply with international trade regulations. It is a list of entities, such as individuals, companies, and countries, that are subject to economic sanctions or embargoes imposed by governments or international organizations. The list is maintained by the U.S. Office of Foreign Assets Control (OFAC). 
  
  How to use it: 
  Organizations can use the Sanctioned Party List to ensure they are not doing business with any entities on the list. The list can be accessed through the SAP system and used to check if any customers, vendors, or other entities are on the list. If an entity is found to be on the list, the organization must take appropriate action to ensure compliance with international trade regulations. 
  
  Tips & Tricks: 
  It is important to regularly check the Sanctioned Party List for any changes or updates. The list is updated regularly and organizations should ensure they are aware of any changes that may affect their business operations. Additionally, organizations should ensure they have appropriate procedures in place to handle any entities that may be added to the list. 
  
  Related Information: 
  The Sanctioned Party List is part of SAP Foreign Trade (SD-FT). Organizations should also be aware of other components of SD-FT such as export control and customs management which can help them comply with international trade regulations. Additionally, organizations should consult with legal advisors to ensure they are in compliance with all applicable laws and regulations.