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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
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