What is 'sanctioned party list' in SAP FI-CA - Contract Accounts Receivable and Payable?

sanctioned party list - Overview

• Component: FI-CA

• Component Name: Contract Accounts Receivable and Payable

• Description: Covers persona and embargo countries with whom financial service providers should prevent payment transactions in accordance with the regulations of authorities and ministries and the Council of the European Union and the European Commision

sanctioned party list - Details

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  Key Concepts: 
  Sanctioned party list is a component of the FI-CA Contract Accounts Receivable and Payable module in SAP. It is a list of entities that are subject to economic sanctions, such as individuals, companies, and countries. The list is used to ensure that companies comply with international regulations and do not do business with entities on the list.
  
  How to use it: 
  The sanctioned party list can be accessed in the FI-CA Contract Accounts Receivable and Payable module in SAP. It can be used to check if a customer or supplier is on the list before doing business with them. If they are on the list, then the company must take appropriate action to ensure compliance with international regulations.
  
  Tips & Tricks: 
  It is important to regularly check the sanctioned party list for any changes or updates. This will help ensure that the company is always in compliance with international regulations. Additionally, it is important to keep records of any checks that have been made against the list.
  
  Related Information: 
  The sanctioned party list is part of a larger set of regulations and laws that govern international trade. Companies should familiarize themselves with these regulations and laws in order to ensure compliance. Additionally, companies should consult with legal counsel if they have any questions or concerns about their compliance with international regulations.