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Regulatory Compliance - Vendor Portal Expert
 

Regulatory Compliance

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Regulatory compliance is another task that should be managed in your Vendor Portal. 

 

Regulatory Compliance screening and monitoring are the processes of regularly comparing your suppliers against lists that different government agencies publish. These lists vary in size and complexity and sometimes carry penalties for non-compliance.  Your Vendor Portal should have regulatory compliance modules ready for you to use right out of the box.

 

No one government system has a master list, but there has been some recent consolidation. Additionally, not all regulatory lists are simple to use or provide API for easy integrations. In fact, sometimes compliance can be challenging, and that is why you should ask your Portal provider about what lists they compare against and with what frequency.

 

In my experience, I have always tried to build systems that handle Regulatory Compliance with a high level of automation and frequency. I always like to add Alerts and workflow triggers to the monitoring services that we set up. Further, these government lists are known for false positives so it is important to have an integrated workspace where the client can do some follow-on research and ultimately an audit trail for all of the work that you do.

 

Here is a list of the more common Government list that you might want to match your suppliers against. If you follow the hyperlinks below, I will display some content and links directly from the government websites along with some useful Tips and tricks.

 

Regulatory Compliance Lists

Internal Revenue Service (IRS) Form W9 Tax ID Number (TIN) Validation

Substitute Form W9 rules 

Internal Revenue Service (IRS) Form W8  Foreign Account Tax Compliance Act (FATCA)

Office of Foreign Assets and Controls (OFAC)  Specially Designated Nationals (SDN) “Terrorist Watch List”

System for Award Management (SAM)

Office of Inspector General (OIG) List of Excluded Individuals and Entities (LEIE) 

Non Proliferation Sanctions – Department of State

BIS – Bureau of Industry and Security

Federal Awardee Performance and Integrity Information System

Value Added Tax  (VAT)  

Canadian Postal Service

Small Business Administration (SBA) 

The Department of Veterans Affairs (VA) Has Special Authority for Service-Disabled Veteran-Owned Small Business/Veteran-Owned Small Business (SDVOSB/VOSB) 

Politically Exposed Person (PEP) 

Commodity Futures Trading Commission (CFTC)  Anti Money Laundering Patriot Act 

I found this Linking Policy on the SBA Site that I thought I would reference

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