The Office of Foreign Assets Control (OFAC) is an office of the United States Department of the Treasury.
OFAC administers and enforces economic and trade sanction programs against targeted foreign countries, terrorists, and drug traffickers, and other threats to the United States’ foreign policy interests.
OFAC keeps a list, the Specially Designated Nationals (SDN) List, of individuals and companies from targeted countries or that are involved with terrorism and narcotics trafficking. Before you make a sale at your dealership, OFAC requires you to check that your customer’s names are not on that list. Their assets are blocked and U.S. persons are generally prohibited from dealing with them. We’ve put together an OFAC Workflow so you know what to check and what happens if you find a match.
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The information above is an excerpt from a policy provided by one of our partners, Hudson Cook LLP. We work with them and other industry experts to make sure we are providing accurate and current information, and we manage that information in an online Compliance Management System. One of the benefits of using a Compliance Management System is that it houses all the policies and guidelines you need to be aware of for your industry so you don’t have to go hunting down information; it is simply at your fingertips.