Read the full publication on the US Department of The Treasury website for more information: Office of Foreign Assets Control - Sanctions Programs and Related Information

What is it?

The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the United​ States.

OFAC publishes lists of individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries. It also lists individuals, groups, and entities, such as terrorists and narcotics traffickers designated under programs that are not country-specific.

What am I required to do?

Before selling the car to the customer, you need to compare their name to the Specially Designated Nationals and Blocked Persons (SDN) list, This list is made up of those whose assets are blocked and U.S. persons are generally prohibited from dealing with them.

If you find the name you are comparing matches someone on that list, continue comparing other information, such as date of birth, as well. If everything seems to match, do not conduct the sale. If you're still unsure, contact the OFAC hotline at 1-800-540-6322.

When do I need to complete these changes by?

Screen any potential buyer before conducting the sale. Otherwise face criminal penalties including multi-million dollar fines, imprisonment up to 30 years, or civil penalties that have both monetary and legal consequences as well. Protect your dealership, your employees, and yourself from these severe penalties and sign up with Compliance Prep today.