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Sanctions, Risks, and Compliance
Safeguarding Your Business: Understanding Sanctions, Risk, and Compliance
Operating in a globalized environment comes with more regulatory complexity. Understanding sanctions, risk, and compliance is essential for ensuring that your organization adheres to all relevant regulations and protects itself from penalties.
This FAQ explores key aspects to consider:
Global Office of Foreign Assets Control and Security’s Denied Persons
Office of Inspector General
Fraud and Abuse Control Information System (FACIS)
National Practitioner Databank
1. What are the OFAC and BIS denied persons lists, and why are they important for my business?
The Office of Foreign Assets Control (OFAC) and the Bureau of Industry and Security (BIS) maintain denied persons lists (DPLs) that identify individuals and entities with whom US businesses are prohibited from conducting transactions. By screening potential business partners against these lists, you can ensure compliance with OFAC regulations and mitigate the risk of penalties.
2. What is the Office of Inspector General (OIG) exclusion list, and how does it impact healthcare providers?
The OIG exclusion list identifies individuals and entities excluded from participating in Medicare, Medicaid, and other federal healthcare programs. Healthcare providers who knowingly hire excluded individuals or entities risk significant civil monetary penalties. Therefore, screening potential employees against the OIG exclusion list is crucial for healthcare institutions.
3. What is the Fraud Abuse Control Information System (FACIS), and what information does it contain?
FACIS is a comprehensive database encompassing adverse actions against individuals and entities in the healthcare field. It includes information on exclusions, debarments, letters of reprimand, and probation. By using FACIS searches, healthcare providers can gain valuable insights into a candidate’s past and identify risks associated with fraud or abuse.
4. What is the National Practitioner Databank (NPDB), and what purpose does it serve?
Established by the U.S. Congress, the NPDB is a repository of reports on healthcare professionals who have been subjected to disciplinary action for unprofessional or incompetent conduct. By searching the NPDB, healthcare institutions can identify potential hires who may pose a risk to patient safety.
Protecting Your Business and Your Patients
SmartHRCheqs™ can assist you in navigating the complexities of sanctions, risk, and compliance. We offer a variety of screening solutions, including OFAC, OIG, FACIS, and NPDB searches, to help you make informed decisions and safeguard your business. Contact us today to discuss your specific needs and ensure that your organization operates within regulatory guidelines.
