OFAC

[Matt Parsons]

texaslp hit it right on the head. If you do not check electronically through a process like Credit Bureau Inquiries, you would have to manually look up the name on the website (or god forbid, print the listing - it is hugh).

[texaslp]

Just remember that (according to NADA) you are not necessarily required to check the list-you're prohibited from doing business with anyone on the list. Nobody is going to audit your business to see if you're checking the list on everyone you do business with.

[ascaravan]

DTEC...This is done electronically like a standard credit bureau, however it does not pull a bureau-it scans the name against the OFAC watch list or if a person has not enough credit history. Beware though don't get caught not running OFAC because the fines are huge and I would not want to be the General Manager if that happens. If needing more info E-mail me and I'll help anyone out.

[jrwilson]

There are several ways to check the OFAC list. One is the credit bureaus but they charge for every pull (so it can get very expensive) and the bureaus use a loose matching logic so it creates a lot of false positives. When you get a false positive, you have to do a lot of additional checking and this takes time. The bureaus also lack a way of checking OFAC for cash customers.

Another way is third-party services like patriotdealer.com. There is a flat annual fee for unlimited searches and the service is supported until midnight every day. PatriotDealer.com has been around since 2002 and is focused on franchise dealerships.

We have a lot of information about the OFAC requirements posted on the web site and can also answer specific questions if you are unsure of your responsibilities regarding OFAC.

If you are needing an OFAC solution, we invite you to take our free trial. Even if you have your compliance handled but have questions, feel free to contact us, we're here to help.

JR Wilson
VP
PatriotDealer.com
678-867-2686