US businesses are forbidden by law to trade with certain individuals, organizations and countries as designated by the Office of Foreign Assets Control (OFAC) or other agencies within the Federal Government.
If your company engages with these individuals or companies, even inadvertently, it can result in civil or criminal penalties and fines often exceeding $1 million.
We’ve got your back. Knowledge Exchange compares your vendor master to government watchlists and provides a list of potential matches.
The bottom line is peace of mind.
Our team provides both ongoing and on demand service. On demand is commonly used at vendor setup, prior to issuing payment to a high-risk vendor or for random sampling by internal audit.
Each search generates an audit trail that shows the date of search, the search terms used, the user and any potential matches that were returned.
Combining the ongoing and on demand services gives your organization upfront and continuous protection to manage compliance across multiple and ever-changing government exclusion lists.
A large client with multiple locations came to AP Recovery with a compliance issue. An incident had occurred at one of their facilities which involved an investigation by a US Government Agency. The investigation determined that a vendor was at fault. While this outcome was good for our client, it carried with it a reporting requirement to screen all vendors for agency violations – not just at vendor setup but for as long as the vendor was engaged. The screening of hundreds of thousands of vendors was to be conducted daily across multiple lists. To make things even more challenging, the vendors and lists continued to change.
Knowledge Exchange delivered a solution to our client who was able to meet requirements for both immediate screening and ongoing monitoring while also creating the required audit trail.
