The Complete AP Guide to TIN Matching and OFAC Screening

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This guide has been prepared for controllers and AP or accounting professionals looking to reduce risk in the Accounts Payable vendor management process.

Before paying the bills, Accounts Payable departments are tasked with managing vendor entry into the accounting system. Critical vendor data has to be gathered, validated, and maintained to ensure compliance with governmental regulations. 

For US-based businesses, two important components of vendor compliance are matching Tax-Identification Numbers (TIN) to the IRS database, and screening all entities against the Office for Foreign Assets Control (OFAC) sanctions list.

This guide will explain why these validations are important, and walk you through the best practices, and processes you need to know to be compliant and avoid risk in these areas.