What’s the difference between the OFAC requirements and the anti-money laundering requirements?
The requirements are separate and distinct. The OFAC requirements have been in place for many years. The anti-money laundering requirements, as they apply to dealers and sales finance companies, were imposed by the USA Patriot Act, which was signed into law in 2001. OFAC The OFAC requirements apply to all transactions, including any business relationship established to provide regular services, dealings and other financial transactions. The OFAC requirements apply to both cash and credit transactions and apply to all US persons, including all US citizens and permanent resident aliens regardless of where they are located, all persons and entities within the US and all US incorporated entities and their foreign branches. This means that any US person or entity must check the name of a person or entity against the OFAC list to determine if the person or entity is barred from entering into financial transactions facilitated by US persons and/or entities before transacting business with tha
