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 … Automated OFAC Screening
There’s a lot at stake when it comes to vendor onboarding. One slip-up can result in major fraud and compliance issues or strained vendor relationships. But many organizations are putting themselves and their vendor relationships at risk by relying on manual processes for onboarding suppliers. Finance and procurement teams waste lots of time … Secure Vendor Onboarding
OFAC Sanctions Russians and Others The Department of Treasury’s Office of Foreign Assets Control (OFAC) list of sanctioned persons and entities has grown since Russia invaded Ukraine. But along with Russian oligarchs and entities, OFAC has also designated others, most notably two key Hizballah financiers operating out of Guinea in West Africa, in compliance with … OFAC Is Busy with Russia and More – Are You Keeping Up?
Do you have controls on managing vendor information and the vendor master file? Do you follow them? Experienced managers will say, “Duh.” However, others can use a reminder, so here it is. “With commerce comes fraud,” says Nathan Blecharczyk, co-founder of Airbnb. The Association of Certified Fraud Examiners (ACFE), in its 2020 Report to the … Why Vendor Controls and Confirmations Are Critical
Several important factors are involved in vendor onboarding, but these can make an inefficient process. Onboarding begins, naturally, with the collection of the requisite information. How an organization collects vendor data touches on accuracy versus error, completeness, privacy and security. An organization must validate vendor data to meet compliance requirements and ensure accuracy of the … How to Gain Efficiency in Vendor Onboarding
COVID-19 has made it harder for organizations to focus on third-party risks. So says a new report on the effects of COVID-19 on risk and compliance. The pandemic has resulted in “more opportunities for criminals to defraud consumers and companies.” As the pandemic seized everyone’s attention, a consequence was relaxed pressure to sustain compliance and … Sanctions Screening in the Time of COVID-19
The U.S. government has a problem called the tax gap. The tax gap is the difference between total taxpayers’ liability and the actual amount of taxes paid. It is tax revenue that should be collected according to the tax code but is not. The gap comprises unfiled taxes, unreported income and underpaid taxes. The IRS … Bill Includes Money for IRS to Increase Enforcement
The Office of Foreign Assets Control (OFAC) of the U.S. Department of Treasury has been busy in 2021. Voice of America catalogs new targeted sanctions imposed on a host of individuals by the Biden Administration since January 2021. Targets include individuals in Russia for interference with the U.S. election, Myanmar generals involved in the overthrow … OFAC Update: A Busy 2021
Vendor Information To do business with a vendor, you must have information. Vendor onboarding is the time to gather and validate the particular information you need. All organizations require the same basic information. Likewise, everyone must do certain validations. But some information requirements and validations depend on your organization type and perhaps even on your … The Necessary
A Refresher What is a non-U.S. person? You need to know the answer to that in the context of payment reporting to the IRS. What income of a non-U.S. person do you have to report? These are just two of the many questions that arise when you gather tax IDs and classifications in preparation for … On Non-U.S. Persons and Source of Income
Have you ever received an invoice from a vendor you’ve never heard of? Of course. You check the master file, but it’s not there. And it’s due in 30 days. Just kidding—it’s due by the end of the week. Last week. If you’re lucky, the buyer’s name is noted on the invoice. Or maybe the … Help! The Vendor Onboarding Challenge
It may be the season of giving, but we’re guessing a “gift” to the U.S. Department of Treasury is not on your list. Whatever the season, though, beware. OFAC happens! Most recently it has happened to Apple. On November 25th, the technology giant entered an agreement with the Treasury Department to pay a civil penalty … Giving Gifts to the Treasury Department?