The Bank Secrecy Act (BSA) and parts of the U.S. Patriot Act’s Office of Foreign Asset Control (OFAC) requirements have seemingly similar goals: to prevent money laundering and the funding of terrorist activities. Yet a...more
9/16/2021
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Banks ,
Blocked Person ,
BSA/AML ,
Customer Identification Program (CIP) ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Know Your Customers ,
Money Laundering ,
Office of Foreign Assets Control (OFAC) ,
SDN List ,
Terrorist Financing
Auto dealerships and lenders are likely familiar with “know your customer” requirements, which typically involve obtaining identification information from customers and verifying that information.
Most lenders are also...more