On today’s podcast we are going to talk about maintaining compliance for a US sanctions list, the OFAC SDN list. If you only check vendors against this list at the time of vendor setup and then forget about it – you need to listen up. I will review why you need to monitor, give two examples of fines for OFAC violations , and then talk about how you can monitor your existing active vendors.
Check out my website www.debrarrichardson.com if you need help cleaning your vendor master file or protecting it from fraud.
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OFAC FAQ Excerpt: http://bit.ly/2OJIDT0
JPMorgan OFAC sanctions violations: why proactive due diligence matters: http://bit.ly/2OOzZm9
OFAC Enforcement Action Highlights Sanctions Risk in Supply Chain: http://bit.ly/2ONaLoh
US Entity: Validations Required to Setup A Non-US (Foreign) Vendor: http://bit.ly/2WbcVAL
#stayhappy #puttingtheapinhappy #vendorsetup #ofac #podcasts
Music Credit: www.purple-planet.com
Debra R. Richardson,
MBA, APM, APPM, CPRS
Debra is an accounts payable speaker, consultant, and trainer with over 20 years of experience in AP, AR, general ledger, and financial reporting for Fortune 500 companies including Verizon, General Motors and Aramark.
For the past eight years, Debra has focused on Global Vendor Maintenance, and implemented a vendor self-registration portal for 140k+ global vendors across five Accounting Systems/ERPs. In her consultancy, she focuses on internal controls and authentication to prevent fraud in the vendor master file.