|
|
|
|
Do You Know Who You're Paying?
|
|---|
A recent The Accounts Payable Network poll reveals that more than half of organizations do not check their suppliers against the U.S. Treasury's Office of Foreign Assets Control SDN list. This is a dangerous chance to take.
Making payments to a blocked entity could cause your organization to face thousands of dollars in penalties. This issue features information to help you avoid running afoul of OFAC rules.
|
| Patrick Harbin – Editor
|
|
|
|
OFAC Guidelines |
OFAC recently released its final enforcement guidelines, clarifying everything from how to earn leniency on penalties to what qualifies as a first offense.
See Final OFAC Enforcement Guidelines on TAPC.
|
|
|
OFAC Penalties |
The best way to understand the severity of paying blocked entities is to understand how severe the penalties can be. The following is a basic outline of OFAC's penalty structure:
- Violations of the Trading with the Enemy Act will carry a maximum $65,000 base penalty
- Voluntary self-disclosure can reduce your penalties by as much as 50 percent
- Failure to have adequate records of payments can lead to a $50,000 fine
Not complying with OFAC regulations can be expensive. Be sure to attend the session, OFAC & SDN: What Every AP & Tax Department Needs to Know to Stay in Compliance and Avoid Steep Fines, part of TAPN's upcoming Accounts Payable Compliance Summit 2010. The summit earns up to 8 CEUs.
|
|
|
Just for Fun! |
America's love affair with the movies is not unconditional. We love to celebrate box office successes just as much as we love to tear apart box office flops. See The 15 Biggest Box Office Bombs.
|
|
|
|
Membership in The AP Channel features TAPC content, including Blogs, AP articles, resources like state tax & escheat tables, and an AP store with downloadable tools including policy templates, forms, metrics spreadsheets, internal controls checklists and more. It's available online in one place. The AP Channel.
|
|
(c) 2009, Financial Operations Networks LLC. All Rights Reserved.
2100 RiverEdge Parkway, Suite 380,
Atlanta, Georgia 30328, (866) 827-6389
|
