NEW YORK and LOS ANGELES, March 25, 2019 /PRNewswire/ -- Kharon today announced that it has partnered with Descartes Systems Group (Nasdaq: DSGX) (TSX: DSG) to integrate Kharon's sanctions ownership data with Descartes's denied party screening solutions. Descartes issued a media advisory announcing this partnership on March 20.

Kharon is a research and data analytics company that focuses on the networks, jurisdictions and activities targeted by global sanctions programs, and associated commercial relationships that present material risk considerations. Kharon products include information on entities that may be majority owned or controlled by sanctioned actors.  

By enhancing Descartes's denied party screening solutions with Kharon's sanctions ownership data, Descartes's software-as-a-service solutions can be integrated into businesses' risk screening systems to ensure they are not conducting business with entities that are majority-owned by sanctioned individuals or companies. This solution supports compliance with US and EU requirements that prohibit or restrict transactions with entities that are owned 50 percent or more by a designated person, or by a combination of designated persons equal to 50 percent or more.

"The ecosystem of material relationships around sanctioned actors is increasingly recognized as far more diverse and complex than what appears on a sanctions list. This can be further complicated with sanctions evasion tactics, including the use of shell companies, successor organizations, front people, opaque ownership structures, and shifting procurement channels," said Kharon Chief Client Officer Howard Mendelsohn. "Inadvertent commercial exposure to entities that are majority owned by listed individuals and entities could bring serious legal, regulatory and reputational consequences." 

"Leading financial institutions and global corporates recognize the need for tools to keep pace with rising regulatory expectations and industry best practices, especially with respect to companies and individuals materially associated with sanctioned actors that do not appear on government lists," said Kharon VP of Global Sales Victoria Lumb. "Incorporating sophisticated technology and relevant, cutting edge data analytics can have a significant impact in supporting efforts by business to avoid inadvertently facilitating illegitimate commercial activity."

About Descartes                                                                               
Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, performance and security of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, schedule, track and measure delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world's largest, collaborative multimodal logistics community. Descartes's headquarters are in Waterloo, Ontario, Canada and it has offices and partners around the world. Learn more at www.descartes.com, and connect with Descartes on LinkedIn and Twitter.

About Kharon
Kharon is a leading provider of research and data analytics on the networks, activities and jurisdictions targeted by global sanctions programs. Kharon's clients include first tier international financial institutions, global corporates, and professional services firms. Kharon is headed by former senior officials from the U.S. Department of the Treasury's Office of Intelligence and Analysis, Office of Foreign Assets Control, and Financial Crimes Enforcement Network. For more information, visit www.kharon.com and connect with us on LinkedIn and Twitter.

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SOURCE Kharon