Office of Foreign Assets Control Sanction Program
The US Dept of Treasury’s Office
of Foreign Assets Control (OFAC) enforces economic and trade sanctions
against foreign threats. It publishes a Specially Designated Nationals (SDN)
list containing individuals and entities with which economic activity such =
as
payments are restricted.
SMU complies with these sanctions through a process th=
at
imports the SDN list into SMU Financials. The system validates newly-added
vendor names and addresses against the list and flags those that may be a
potential match. Vendors flagged as a potential match must be reviewed and
cleared before payments can be made to them.
This document outlines how the system notifies regardi=
ng a
potential match, the procedure to verify if the match is correct, and how t=
o block
or clear the vendor for payment if the match is accurate or proves to be a =
false
positive. The three steps in this process are:
1.&n=
bsp;
Adding a new vendor
2.&n=
bsp;
Reviewing a flagged vendor
3.&n=
bsp;
Clearing or Blocking a flagged vendor
1. Adding
a New Vendor
When adding a vendor, the system validates the vendor =
name
and address against the SDN list upon save. If a potential match is detecte=
d,
the message appears:
![](3D"OfficeofForeignAssetsControlSanctionProgram_files/image002.jpg")
The vendor is assigned a Vendor ID, but cannot be paid.
Expand the Financial Sanctions Sta=
tus section
located towards the bottom of the vendor Identifying
Information tab by clicking on the right-arrow icon.
![](3D"OfficeofForeignAssetsControlSanctionProgram_files/image004.jpg")
The vendor’s Financial
Sanctions Status equals Review<=
/i>.
This means the vendor must be reviewed and cleared if determined to be a fa=
lse
positive. The system does not pay =
vendors
whose sanctions status is Review.
![](3D"OfficeofForeignAssetsControlSanctionProgram_files/image006.jpg")
2. Reviewing
a Flagged Vendor
Navigate to the Financial Sanctions Inquiry page at: <=
/p>
![](3D"OfficeofForeignAssetsControlSanctionProgram_files/image008.jpg")
You will use this page to search the SDN list for the =
entry
that triggered the potential match.
![](3D"OfficeofForeignAssetsControlSanctionProgram_files/image010.jpg")
For Sanctions=
List
Type select OFAC. Change th=
e applicable
dropdowns from All Values to equal to or contains for relevant search fields and enter the vendor name a=
nd address
information. When you are finished, click the Search button at the
bottom of the page.
![](3D"OfficeofForeignAssetsControlSanctionProgram_files/image012.jpg")
The entry or entries the system flagged as a potential=
match
will appear in the search results box:
![](3D"OfficeofForeignAssetsControlSanctionProgram_files/image014.jpg")
Click on the =
Entry ID
link to view all SDN information on the potential match:
![](3D"OfficeofForeignAssetsControlSanctionProgram_files/image016.jpg")
At this point, you must determine if the vendor added =
is the
same as the entry on the SDN list or if the match is a false positive. The =
Dept
of Treasury provides
due diligence steps and an OFAC
Hotline you can call to assist in determining if the match is valid =
211;
click here
to view the steps. If in d=
oubt,
please contact Accounts Payable for further assistance.
3. Clearing
or Blocking a Flagged Vendor
Navigate back to the Maintain Vendor page and select t=
he
vendor you added. Expand the Finan=
cial
Sanctions Status section.
If you determine the vendor is the same as on the SDN list, change Financial Sanctions Status to ‘Blocked’. This vendo=
r is
prevented from receiving payments. Click Save to finish.
If you determine the vendor is not the same as on the SDN list, change Financial Sanctions Status to ‘Cleared’. Also, check
the Skip future validation box=
. Click Save to finish. Payments can=
now
be made to this vendor.
![](3D"OfficeofForeignAssetsControlSanctionProgram_files/image018.jpg")
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