Glossary of Key Terms
OFAC - The Office of Foreign Assets Control is a financial intelligence and enforcement agency of the U.S. Treasury Department. It administers and enforces economic and trade sanctions in support of U.S. national security and foreign policy objectives. VendorProof monitors this list for vendor information that is doing business with one of our clients.
FDR - FIrst Tier, Downstream and Related Entities
Exclusion - Federal and state agencies sanction, suspend, exclude or debar individuals and companies from federally funded benefit programs for a variety of reasons, including fraud, drug abuse, and defaulting on federally backed student loans. Thirty eight states, along with the two federal government agencies, maintain exclusion lists that are updated on a regular basis. If a person or entity is excluded, he/she/it cannot receive direct or indirect payment from federal benefit programs. Furthermore, companies/hospitals and their affiliates cannot make payments to such vendor or person, without incurring a fine or penalty.
TIN - It is also known as a Tax Identification Number or Federal Taxpayer Identification Number. A TIN may be assigned by the Social Security Administration or by the Internal Revenue Service (IRS).
SSN - It is also known as Social Security Number. It’s a number which is used to identify entities for tax-related purposes such as filing tax returns, or other actions such as opening a bank account.
MCO - Medicare Managed Care Organizations