It's your duty, and the law, to comply with OFAC regulations

Hudson Cook, LLP

HANOVER, Md. — After recent events in Kabul and the continued loss of life due to terrorism, many are left wondering what they can do and how they can help. Many have given money and other support to organizations helping the families of fallen servicemembers. Others support the refugees coming in by the thousands from Afghanistan.

But can we stop terrorism? Unfortunately, the answer is no. We can’t completely stop terrorism, but we can follow the law to ensure that we don’t do business with terrorists. Now seems like an appropriate time to remind dealers of their responsibilities to check the Specially Designated Nationals and Blocked Persons List before selling or leasing a car, hiring an employee, taking payments from customers, servicing vehicles, or otherwise doing business with suspected terrorists.

Originally published in SubPrime Auto Finance News October 2021.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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