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 money launderers.

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 to OFAC.

What are the penalties?

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

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