A department within the U.S. Treasury, the Office of Foreign Assets Control (OFAC) is responsible for administering and enforcing economic sanctions against suspected terrorists, drug dealers and money launderers. Specifically, OFAC is a database which identifies Specially Designated Nationals (SDN) – those individuals or businesses linked with illegal activities – with whom an entity, including dealerships, are prohibited from doing business. This includes sales, service and parts transactions, as well as cash deals.
700Credit’s quick and easy OFAC solution screens all of your customers against the OFAC list for every transaction. If a match occurs, 700Credit will assist your dealership employees with the necessary steps to remain compliant with the federal government’s regulations. 700Credit’s search technology also allows you to minimize false positives by only identifying those matches your dealership needs to follow through on. Don’t over-burden your dealership utilizing a product with an unnecessary high amount of OFAC matches.