Under no circumstances will ST knowingly engage in or support any activity that violates these laws.
We don’t conduct business with third parties or countries that are subject to sanctions or embargoes or are otherwise prohibited from conducting international transactions.
What does it mean?
Trade compliance refers to the application of the laws and regulations governing the import, export and transfer of goods, services and technology.
- Export control laws (including regulations on dual use goods, technologies and services);
- Sanctions and customs regulations;
- Other trade-related requirements designed to prevent unauthorized transactions and ensure lawful international trade.
Violations of the laws and regulations can lead to criminal prosecution for companies and individuals.
How we do the right thing?
Our Do’s
- We set and administer trade compliance’ policies and procedures.
- We provide import and export oversight, strategic guidance and training.
- We conduct due diligence on business partners.
- We ensure the accuracy of product classifications for import and export purposes to meet regulatory requirements.
- We conduct regular risk assessments at both supply chain and global operations levels.
Conducting fair trade
in practice
Because real life is rarely as clear-cut as theory, here are the answers to a few questions you might have.
I’ve received an inquiry from a third party in a sanctioned country. What should I do?
Do not engage in any trade or commercial activities with them. Engaging in trade with sanctioned countries can result in severe legal penalties. You should immediately report to your management and the Global Trade Compliance department.
I am unsure whether a product is restricted or prohibited to ship. What should I do?
Verify whether the product has an export control classification number. That will help determine if an export license may be required to a destination country. If in doubt, seek guidance from our Global Trade Compliance department.