OFAC search of the U.S. Treasury Website
By checking the Accept Terms box on the Free OFAC Search screen, the user agrees to hold CBC harmless for any liability or responsibility as to the accuracy and/or subsequent usage of the information returned.
CBC does not guarantee, when the returned OFAC information indicates a match, that the consumer is in fact an actual Specially Designated National or Blocked Person.
This is simply a warning flag indicating further investigation on the consumer should be considered before the transaction is completed.
Companies must establish their own OFAC policy and procedures for handling matching OFAC information.
The Patriot Act of 2001 requires auto dealers to screen all transactions against the Office of Foreign Asset Control (OFAC) database for Specially Designated Nationals (SDN). CBC can provide automatic OFAC checking with the credit report as well as a Free OFAC Search utility. Non-compliance with this law may include fines of up to $10,000,000 per occurrence and possible imprisonment. CBC's Free OFAC checking solution simplifies this compliance requirement.
