Learn how Lufthansa Cargo implemented an effective trade compliance solution to protect customers and mitigate risk.
Lufthansa Cargo became aware of emerging regulatory concerns around dual-use goods and sanctions compliance, which highlighted multiple risks to its business. The company’s compliance unit looked into the scale of the problem using trial data sets of typical traffic and quickly realised that manual checking was not an option. Responses to customer requests that are expected in minutes could take hours to respond to, resulting in lost business. In fact, Lufthansa was forced to temporarily suspend consolidated shipments to countries such as Iran, where restrictions were high, until they resolved the issue.
In this case study, learn how Firco Trade Compliance helped Lufthansa Cargo to:
- check airway bills supplied by customers against comprehensive sanctions and dual-use goods watch lists, with speed and accuracy;
- create an across-the-board trade compliance vetting capability very efficiently, using a team of just six people;
- check over 47 million records using Firco Trade Compliance, which would otherwise need to be manually verified—an impossible task.
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