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Compliance Responsibilities in Vendor Set Up

Your checklist for ensuring vendor onboarding compliance and certification

Companies’ vendor interactions are surrounded by a number of compliance requirements that add complexity to the procure-to-pay process and the supposed simplicity of paying the bills. A few vendor-related tasks that are driven by compliance requirements must be completed in the initial stages of a vendor relationship. These include vendor trading status validation and verification of critical vendor information including tax identification number and tax classification. Best practice is to include appropriate steps in the vendor onboarding process to ensure compliance with trade and tax laws.

This information-packed report will help you:

  • Learn about government maintained sanctioned or blocked entity lists, such as The Treasury Department’s Office of Foreign Assets Control (OFAC)
  • Recognize risks to your organization if caught doing business with an individual or entity on these lists
  • Determine your responsibility regarding watch-list entities and how you can protect your organization
  • Understand your responsibilities for tax identification and classification of new vendors
  • Discover best practices for W-9 and W-8 processing
  • Learn why TIN verification is so important and avoid the penalties for incorrect TIN reporting to the IRS and states
  • And much, much more!

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