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Information
for Automobile Dealers Regarding OFAC
Executive
Order 13224 ordered the Office of Foreign Assets Control (OFAC)
to make available to financial institutions a list of "blocked
persons" known as "Specially Designated Nationals"
(SDN). The order among other things, prohibits U.S. citizens and
business entities from entering into "any transaction or
dealing" with individuals or entities who have been linked
to terrorism and appear on the list of "blocked persons."
The Executive Order requires financial institutions, which includes
car dealerships, to verify their customers' identity and check
their customers' names against the "blocked persons"
list.
Additional information is available on the U.S.
Treasury Department's website.
Product
Info
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