ATTUS
Technologies, Inc. was founded in 1998 to serve financial
institutions with technology-based compliance solutions. Today,
they not only serve the diversified financials industry, their
solutions are assisting a variety of industries across the country
with fraud prevention, risk management, and regulatory compliance.
Headquartered in Charlotte, North Carolina, ATTUS is
a recognized leader in USA PATRIOT Act, OFAC (Office
of Foreign Asset Control), BSA (Bank Secrecy Act), FinCEN
(Financial Crimes Enforcement Network) and AML (Anti-Money
Laundering) compliance. They are a trusted resource and partner
to over 2500 companies.
Through MenuVantage, you now have the ability
to:
Access
a highly secure service that lets you verify the identity
of your customers instantaneously.
Record
the information for your records - protecting you from OFAC
sanctions.
We can check every customer that you do business
with: cash, finance, lease, etc.
All citizens and businesses, including auto dealerships,
are prohibited under Federal law from conducting business
with blocked persons. In order to comply with this requirement
the dealer must check a customer's name against the US
Treasury Department's Office of Foreign Assets Control's
(OFAC)blocked persons list, prior to
completing any sale.
What is OFAC?
The Office of Foreign Assets Control was established by President
Roosevelt in 1943 to keep companies from doing business with
the enemy. OFAC enforces economic and trade sanctions against
targeted foreign countries and their agents. When an OFAC
regulator examines your institution, you must provide written
proof you have determined your customers do not appear on
the OFAC list of blocked entities. This list includes drug
traffickers, money-launderers, criminals, terrorists, and
even countries.
Who must comply with OFAC?
All U.S. citizens and permanent residents regardless of their
location and size are required to comply with OFAC. This includes
all car dealerships.
What types of fines are imposed?
OFAC can impose fines of up to $1million, $250,000 per incident,
and 12 years of jail time. In addition, any property or funds
involved in the violating transaction can be confiscated.
Can I be fined if I had no prior knowledge?
Making no attempt to verify identity or claiming ignorance
on the subject will not exempt any company from compliance.
We are a small dealership. Are we required to comply?
Many smaller dealerships mistakenly believe they can ignore
the regulation because of personal knowledge of their customers.
Not only will this not satisfy regulators, government officials
are fully aware that criminals are looking for these companies
to do business with.
How often do I need to check against the list?
Many dealerships think they are in compliance if the lenders
or credit unions check the list for them. The greatest exposure
is on cash transactions under $10,000. Every customer, no
matter how they purchase, need to be checked against the OFAC
list.
ATTUS
Technologies, Inc. was founded in 1998 to serve financial
institutions with technology-based compliance solutions. Today,
they not only serve the diversified financials industry, their
solutions are assisting a variety of industries across the country
with fraud prevention, risk management, and regulatory compliance.
Access
a highly secure service that lets you verify the identity
of your customers instantaneously.