Compliance with export regulations is critical for several reasons:
Legal Requirements: Failure to comply with export laws can result in severe legal consequences, including fines, sanctions, and imprisonment. Business Reputation: Non-compliance can tarnish a company's reputation, impacting relationships with customers, partners, and regulatory bodies. Market Access: Adhering to export regulations ensures that a company can continue to access and operate in global markets. Risk Management: An ECP helps to mitigate risks associated with international transactions, such as fraud and intellectual property theft.