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Using OFAC to Ensure Customer Compliance to Avoid Fines

Posted by Vanguard Dealer Services on Aug 8, 2017 12:10:00 PM

Now that you're running a car dealership, you're going to have to prepare yourself for as many regulations as any other industry. One of the most important is OFAC, or Office of Foreign Assets Control. This is a government database collecting names of individuals who pose a danger to the U.S.

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Topics: OFAC

How Does a Dealership Ensure OFAC Compliance?

Posted by Vanguard Dealer Services on Jul 13, 2017 9:40:00 AM

OFAC stands for Office of Foreign Asset Control. OFAC is a division of the United States Treasury. It’s job is to impose and enforce economic sanctions against individuals who are hostile to the United States. The OFAC requires dealerships to remain compliant. If a dealership does business with a prohibited individual they will be fined or imprisoned depending upon the circumstances. Keep reading to find out what a dealership must do to ensure OFAC compliance.

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Topics: OFAC

OFAC Compliance

Posted by Vanguard Dealer Services on May 23, 2017 9:35:00 AM

As an automotive dealer, finance is one of the most important parts of your business. However, it also comes with multiple rules and regulations. One of these is the rules governed by the Office of Foreign Asset Control (OFAC) of the federal government. This department restricts who can get access to our financial system. All companies that deal with finance have to be aware of the policies and abide by them.

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Topics: OFAC

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