Compliance Spotlight
#compliance #processes #corevalues #automotive #fandi #rv #cardealerships #financemanager #businessmanager
"Compliance" continues to be a hot buzzword in the Auto and RV industries. One regulation that is seldom discussed relates to the Office of Foreign Asset Control, commonly referred to as OFAC. Here is the brief outline of OFAC requirements:
Administers and enforces economic trade sanction
Applies to all transactions within the dealership
Every customer in the dealership must be compared to the U.S.A OFAC master list
If a match occurs: call OFAC hotline immediately. Exact match - stop sale, file report.
For more detailed explanation, and to determine if you are compliant with OFAC, reach out to VMG today!