The Complete AP Guide to TIN Matching and OFAC Screening

Before paying the bills, Accounts Payable (AP) 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 Taxpayer Identification Numbers (TIN) to the Internal Revenue Service (IRS) database, and screening all entities against the Office of Foreign Assets Control (OFAC) sanctions list. 

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