The Patriot Act of 2001 requires auto dealers to screen all transactions against the Office of Foreign Asset Control (OFAC) database for Specially Designated Nationals (SDN). CBC can provide automatic OFAC checking with the credit report as well as a Free OFAC Name Search utility. Non-compliance with this law may include fines of up to $1,000,000 per occurrence and possible imprisonment. CBC’s Free OFAC checking solution simplifies this compliance requirement.
FREE OFAC Search provided by CBC
July 7, 2016July 7, 2016| | 0 Comment