SemiNex Corporation
The
Massachusetts Export Center has been working with SemiNex
Corporation of Danvers for over 10 years in the area of export regulatory
compliance, Customs regulations, logistics and export operational
concerns. Most recently, with a change in staffing responsible for
international trade operations and compliance within the company, the
Export Center’s assistance has focused on compliance with
rapidly-changing regulations. With the company’s market growing in
China, their concerns have centered on end use/users, compliance with
the Military End Use (MEU) rule, and due diligence associated with
avoiding these restricted parties. Additionally, with over half of the
company’s business derived from global sales, SemiNex has been intent on
tightening compliance practices company-wide to safeguard the business
from costly violations.
SemiNex’s compliance team engaged with the Export Center in late 2022 to conduct a comprehensive export compliance risk assessment and thorough review of the company’s procedures to enhance its Export Management Compliance Program. This assessment identified compliance gaps in a number of areas, including screening, export reporting, routed export transactions, deemed exports, technology control safeguards, and export classification recordkeeping. The company’s compliance team participated in training with the Export Center to better identify risks, and to implement procedures to strengthen compliance and operations practices. The Export Center has continued to provide support as SemiNex fully optimizes its Export Management and Compliance Program.
Since conducting the assessment and prioritizing compliance areas of concern, the company has subscribed to an automated screening software solution in an effort to better identify restricted parties and ownership of customers to fully comply with the MEU rule and other applicable regulatory requirements. The Export Center continues to engage in training SemiNex staff in the areas of identifying restricted parties, export reporting, documentation and logistics. Since the Export Center first started working with the company, SemiNex has achieved significant growth in China, South Africa, and is seeing new opportunities come to fruition in Europe. The company currently employs 22 people, including a recently-hired Chief Commercial Officer for European Expansion, a Regional Director for Greater China Expansion, and is in the process of hiring an additional 8 – 10 positions.
