Newsletters

October 2006

OFAC Screening - It's the Law, and Good Business

In 2001, Congress passed the USA PATRIOT Act, which strengthened the requirements and penalties for businesses conducting financial transactions with consumers. It requires businesses, including automotive dealers, to screen all consumers against the Office of Foreign Assets Control (OFAC) list of terrorists, drug traffickers and money launderers prior to any sale.

“No one wants to think they could potentially aid in a terrorist act.”

Failure to comply with OFAC regulations can expose you and your dealership to criminal violations, which can result in fines of $10,000 up to $10 million per occurrence, as well as possible jail time.

Comply with the Law, and Protect Your Business

Sure, OFAC screening is the law, but it’s also good business. No one wants to think they could potentially aid in a terrorist act. Imagine the one time you don’t screen a potential buyer, and that buyer – along with your dealership – ends up on the 11 o’clock news.

First Advantage CREDCO offers a leading-edge automotive compliance solution, which screens your customers against the most current OFAC list and automatically delivers the results with every credit report you order. OFAC reports can also be ordered separately for cash-paying customers. Our OFAC solution features the following:

Minimized False Positive Hits:
Uses advanced analytics to effectively screen out more false positives.

Sophisticated Matching:
Finds true matches despite misspellings, typographical errors, foreign translations, initials, abbreviations, nicknames, compound words and word order.

Match Index:
Delivers a unique score that indicates the likelihood of a true match.

When it comes to your dealership operations, OFAC screening allows you to run your business with integrity and confidence, while protecting an honest reputation you work hard to maintain.

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