Automated OFAC Screening
The effortless way to ensure OFAC SDN sanctions compliance
There are dire consequences for organizations that do business with bad actors. Paying a supplier, person or party that is on the sanctions list of the Office of Foreign Assets Control (OFAC) of the U.S.Treasury Department could result in millions of dollars in monetary fines.
Office of Foreign Assets Control – Sanctions Programs and Information | U.S.Department of the Treasury
From drug dealers and diamond smugglers to rogue regimes and terrorist organizations, the federal government maintains lists of organizations, individuals, and countries that you can’t do business with.
What are the Penalties for Breaking OFAC Sanctions? | Dow Jones Professional
Manually checking suppliers against the OFAC Specially Designated Nationals and BlockedPersons (SDN) list – or worse, not checking at all – leaves organizations vulnerable to big compliance issues.
How to Automate OFAC Checks
OFAC checking doesn’t have to be so risky.
FinancialOperations Networks can help ensure that your organization doesn’t do business with entities on the OFAC SDN list of banned persons and parties in sanctioned countries.
- Capture supplier information via a secure online portal
- Make it easy for suppliers to complete and sign tax forms online
- Verify the accuracy of information provided by suppliers
- Automatically validate suppliers against OFAC SDN and 21 other compliance lists
- Check your existing vendor master against new additions to the OFAC SDN list
- Quickly and securely complete vendor approval workflows online
SanctionsList Search Tool | U.S. Department of the Treasury
Whether your organization is automating its supplier onboarding and registration process for the first time or make incremental improvements, deploying a self-service vendor portal with automated OFAC checking built-in can deliver big operational and reputational benefits.
The Benefits of Automated OFAC Screening
Automatically screening suppliers against sanctions lists reduces an organization’s risk exposure.
- Streamline OFAC sanctions checks during vendor onboarding
- Perform OFAC screening in real-time
- Avoid fines and penalties
- Protect your organization’s reputation
- Improve your organization’s relationship with vendors
Organizations of all sizes and across all industries can benefit from automated OFAC SDN checks as part of their vendor onboarding.
The Best OFAC Screening Solution
Screening suppliers against OFAC SDN and other sanctions lists is a critical part of the vendor onboarding and registration process. Don’t leave your organization at risk of compliance issues. Click here to book an online demo of our automated OFAC SDN screening solution today.
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Need Help? We’ve got you covered
Explore answers to common queries and get the information you need from the experts at Financial Operations Networks.
Financial Operations Networks (FON) is a financial operations company whose products help accounts payable teams prevent payment fraud: VendorInfo, a vendor portal; InvoiceInfo, a supplier portal; DisbursementControls.com, a membership resource for disbursement controls; and VIMCOE, which provides accounts payable certification. FON is a Nacha Preferred Partner.
FON strengthens front-line control points across vendor onboarding, supplier maintenance, and payments — verifying vendor information, validating bank account ownership, running compliance checks, and reducing exposure to business email compromise (BEC) before payments are made.
VendorInfo is a vendor portal for onboarding: it verifies tax IDs, screens OFAC and validates bank account ownership before a vendor is paid. InvoiceInfo is a supplier portal for after the invoice: suppliers look up invoice status, payment dates and remittance advice themselves instead of emailing AP. Both sit on top of the same ERP and are often used together.
Yes. FON offers specialized programs including the AP Payment Fraud Prevention Certification and the Accredited Vendor Information Professional (AVIP) Certification to help finance professionals strengthen expertise and advance their careers.
Request a demo and our team will walk you through how FON can strengthen your controls, reduce fraud exposure, and improve AP efficiency based on your organization’s goals.
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