GNYADA November 2016 Newsletter

Become a New York Cares Coat Donation Site More than 100 Dealers Have Already Signed Up!

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With temperatures poised to dip below freezing, thousands will soon face the struggle to keep themselves and their families warm. To help these

individuals in need, GNYADA has again teamed up with the New York Cares Coat Drive, for the fifth straight year. Join the mission today, with just three easy steps: 1. Register your dealership as a drop-off site by visiting www.gnyada.com/coats and completing a brief form. 2. Designate an area (or areas) in your dealership where customers and staff can drop off coats. We will provide posters to designate your dealership as a drop-off site as well as garment bags to store coats. 3. At the end of the coat drive, call GNYADA to have your donations picked up and delivered to New York Cares ’ headquarters. How do I consult the SDN list? Dealers can crosscheck the current list on treasury.gov . What if I come up with a match? Receiving a match requires dealers to do a little more research in order to confirm. For example, does your customer reside in the same area as the person on the SDN list? If not, it may be a false hit. If your research makes you reasonably confident that your customer is the same individual flagged on the SDN list, call OFAC's hotline at 1.800.540.6322. Fines & Penalties Criminal penalties may result from a failure to consult the SDN list, with

For the last four years, GNYADA has been New York Cares ’ largest single corporate donator of coats, generating great media coverage for participating dealerships and for the Association. The 2017 Farmers’ Almanac predicts an exceptionally colder winter than last year, particularly in the Northeast. Our coat-collection efforts continue to be as necessary as ever. Last year, with 100+ dealerships participating, we collected an astounding 7,300 coats. With your help, we know we can break that record. For any questions, contact Jennifer Berman: Jennifer@gnyada.com / 718.746.5900 ext. 235.

9 Check the OFAC List before Every Sale

fines ranging from $50,000 to $10 million. Willful violations can mean imprisonment, with sentences rang- ing 10 to 30 years. Civil penalties range from $250,000 to twice the amount of each underlying transac- tion, up to $1,075,000.

Federal law requires dealers to check every customer’s name against the Specially Designated Nationals and Blocked Persons List ( SDN List ), maintained by the Treasury Dept’s Office of Foreign Assets Control (OFAC). Failure to do so can result in drastic criminal penalties. When do I have to run an OFAC check? You must run the customer’s name through the SDN list for every sales, parts, or service transaction, regard- less of the customer’s payment method. Lending institutions should also check the OFAC list before approving a loan, but that does not relieve the dealer of this obligation.

GNYADA vendor provides a solution VerantID, a GNYADA Dealer

Discount Club vendor, can help you comply with your obligation to check the OFAC list, simply by scanning your customer’s license. For informa- tion about signing up with VerantID, call Jennifer Berman at 718.746.5900.

Greater New York Automobile Dealers Association • www.gnyada.com

The Newsletter • November 2016 5