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HOW TO CHECK THE OFAC LIST

Dealers are required by federal regulations to check every customer against the US Treasury Department’s Office of Foreign Assets Control (OFAC) list. You can check the list by: 1) Getting the list of Specially Designated Nationals (SDN) and Blocked Persons at www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx 2) Your lending institution can check the OFAC list when reviewing a customer’s credit history. 3) GNYADA’s Dealer Discount Club vendor Verant ID can help you check both OFAC and the Do Not Call list with a quick swipe of a customer’s license. What Happens if You Get a Match? If you get a positive match you must continue your research. Here are OFAC’s ways to determine if the match is legitimate or if deeper research is needed in order to confirm: • Is it an exact match, or is it merely close?

HOT TOPICS

• Is your customer located in the same general area as the SDN? If not, it may be a false hit. • If there are many similarities, contact OFAC’s hotline at 800.540.6322 for verification.

If your hit concerns an in process wire transfer, you should email your question to OFAC. Unless a transaction involves an exact match, you should contact OFAC Compliance before actually blocking assets. Criminal penalties for noncompliance can include fines of $50,000 to $10,000,000 and imprisonment for 10 to 30 years for willful violations. Civil penalties range from $11,000 to $1,000,000 for each violation.

FOR FURTHER INFORMATION ABOUT VERANT ID please contact the Association at 718.746.5900 or look for them in our preferred vendors area of this directory.

155 2020 MEMBERSHIP DIRECTORY & SERVICES GUIDE