Priority One Financial Services Inc., a St. Petersburg, Fla.-based F&I outsourcing provider, is offering its dealer partners’ free online access to the government’s Office of Foreign Asset Control (OFAC) list.
According to a press release, the list is used to check on terrorists, narcotics traffickers and others engaged in activities and threats to national security. All businesses, including RV dealerships, are required by law to review this list prior to entering into any sales or finance contract with an individual, business entity or charitable organization.
Priority One said there are penalties for those that do not establish procedures to review the OFAC list and there are fines for dealerships that enter into a contract with anyone on the list. Currently dealers can perform a search through the website http://sdnsearch.ofac.treas.gov/. However, the government’s list has limited functionality and will not detect misspellings or other incorrectly entered text, and will not return near matches.
This tool will enable dealers to search OFAC through a link to Priority One’s exclusive dealer resource center (DRC) and be able to save and/or print a statement for their records whether a match is found or not.
“We are committed to helping our dealer partners successfully navigate the many regulations that govern our industry,” said Heather Mariscal, president of Priority One. “Adding the OFAC search to the DRC is just another way for Priority One to bring something valuable to our partners.”