Compliance Responsibilities in Vendor Set Up
Your checklist for ensuring vendor onboarding compliance and certification
Companies’ vendor interactions are surrounded by a number of compliance requirements that add complexity to the procure-to-pay process and the supposed simplicity of paying the bills. A few vendor-related tasks that are driven by compliance requirements must be completed in the initial stages of a vendor relationship. These include vendor trading status validation and verification of critical vendor information including tax identification number and tax classification. Best practice is to include appropriate steps in the vendor onboarding process to ensure compliance with trade and tax laws.
This information-packed report will help you:
- Learn about government maintained sanctioned or blocked entity lists, such as The Treasury Department’s Office of Foreign Assets Control (OFAC)
- Recognize risks to your organization if caught doing business with an individual or entity on these lists
- Determine your responsibility regarding watch-list entities and how you can protect your organization
- Understand your responsibilities for tax identification and classification of new vendors
- Discover best practices for W-9 and W-8 processing
- Learn why TIN verification is so important and avoid the penalties for incorrect TIN reporting to the IRS and states
- And much, much more!
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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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