OFAC Requirements Are Serious Business
In her latest contribution to F&I and Showroom, ACE associate and compliance expert Penny Bell traced the origins of the U.S. Treasury Department’s Office of Foreign Assets Control and offered a review of how it’s properly applied and enforced in dealerships today.
Though “hits” in the auto retail space have rarely if ever made news, OFAC remains an important terrorism- and crime-fighting tool. All dealership personnel involved in sales and finance transactions must do their part, Bell writes, with no exceptions for less common transaction types.
“OFAC needs to be checked on all types of transactions, including cash, wholesale, retail and lease.”
