Compliance screening and regulatory requirements used to be the concerns of financial institutions. Now all organizations and global corporations are accountable for compliance screening programs, ongoing internal controls, and applicable due diligence programs to ensure that suppliers, customers and even employees are not terrorists, enemies of the United States, money launderers, or Medicare and Medicaid fraudsters.
The table below indicates which industry should be paying attention to a specific regulatory requirement. The table also indicates which financial processes are impacted.
Compliance Area | Industries and Organizations | Financial Processes |
---|---|---|
Foreign Corrupt Practices Act (FCPA) |
All |
Payroll, T&E, AP |
Office of Foreign Asset Control (OFAC) |
All |
Payroll, T&E, AP, AR |
Bureau of Industry and Security (BIS) |
Global Companies |
Payroll, T&E, AP |
System for Award Management Security (SAM) |
Government Contractors |
Payroll, T&E, AP |
Office of the Inspector General (OIG) |
Health Care |
Payroll, T&E, AP |
The Sarbanes-Oxley Act of 2002 |
Generally Public Companies |
Payroll, T&E, AP, AR, and GL |
U.S. Sentencing Guidelines |
All |
Payroll, T&E, AP, AR, and GL |
International ACH Transactions (IAT) |
Global Companies |
Payroll, T&E, AP, AR |
U.S. Patriot Act and Consumer Identification Program (CIP) |
Financial Institutions |
Payroll, T&E, AP, AR |
Standards for Attestation Engagements (SSAE-16) |
Organizations Providing Services |
Payroll, T&E, AP, AR, and GL |
All |
AR, AP, T&E, and Payroll |
|
All |
AR |
|
UK Bribery Act Regulations |
Global Companies |
AP,T&E |
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