What is OFAC?
OFAC is an acronym for Office
of Foreign Asset Control. It is the department of the United
States Treasury responsible for administering and enforcing
economic sanctions against suspected terrorists, drug dealers and
Is OFAC the same as the USA PATRIOT ACT?
Although OFAC and the USA
Patriot Act have similar goals, they have separate requirements
administered by two different U.S. Treasury Department offices.
What are the OFAC
requirements for Auto Dealers?
Auto dealers are required by
law to review the Treasury Department's Office of Foreign Assets
Control (OFAC) SDN list. This list includes the names of
individuals, organizations and countries against which the U.S
has imposed sanctions. Dealerships must review this list prior to
entering into any sales or finance contract with an individual,
business entity, charitable organization and report any matches
What are the
Civil fines of up to $11,000
per violation may be imposed, with willful acts carrying as much
as $50,000 in fines per violation as well as imprisonment of up
to 10 years.
How does [CO_NAME_SHORT] help?
[CO_NAME_SHORT] provides an integrated search process,
automating your checks which saves you time and helps insure you've done
your due diligence required to be compliant. If an exact or partial matches are found we will
give you detailed instructions on reporting your match.
Some content on loan from http://www.treas.gov/offices/enforcement/ofac/faq/answer.shtml
Preventing Common Losses:
- 1 in 5 hand-written product contracts are submitted with errors
- Most business managers spend more time looking up product prices than building a menu.
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