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OFAC SDN Policy and Procedures

OFAC SDN Policy and Procedures 2025

OFAC SDN Policy and Procedures Preview on Page 1

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The document outlines the OFAC (Office of Foreign Assets Control) policy and procedures for compliance with U.S. sanctions regulations, particularly regarding transactions involving designated countries and individuals on the Specially Designated Nationals (SDN) list. It details the steps F&I Managers must take to check vehicle buyers against the SDN list, evaluate potential matches, and report any hits. The document emphasizes the importance of compliance to avoid severe penalties for noncompliance and includes an employee acknowledgment section.

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What are the 5 essentials of OFAC?

OFAC outlines five essential components for an SCP, including: Management commitment. Management is defined broadly as including senior leadership, executives, and/or the board of directors. Risk assessment. Internal controls. Testing and auditing. Training.

What is the OFAC policy?

The Office of Foreign Assets Control (OFAC) of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities

What are two actions required by OFAC regulations?

44. Is there a dollar limit on which transactions are subject to OFAC regulations? There is no minimum or maximum amount subject to the regulations.

What does it mean if you are on the OFAC list?

As part of its enforcement efforts, OFAC publishes a list of individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries. It also lists individuals, groups, and entities, such as terrorists and narcotics traffickers designated under programs that are not country-specific.

What is SDN and OFAC?

Specially Designated Nationals (SDNs) are individuals and businesses owned or controlled by countries sanctioned by the United States Treasury (specifically, the Office of Foreign Assets Control) (OFAC). The SDN list means for Specially Designated Nationals and Blocked Persons.