In addition, to helping you abide by Office of Foreign Assets Control rules, Vera F&I has a tool to help you comply with the Red Flags Rule, which requires dealerships to detect, prevent, and mitigate identity theft.
Who can do this?
- Vera F&I Administrators with OFAC and Red Flags product
- With the applicant present, select on OFAC & Red Flags.
- Choose the OFAC & Red Flags
- Enter the applicant’s information.
- Search OFAC & Red Flags.
- A list of possible matches will come up. Select on the person’s name. Compare the OFAC report against other transaction information that you have collected.
- If there are striking similarities, contact the Office of Foreign Assets Control at 800-540-6322.
- Continue to Red Flags Search.
- Within 90 seconds, ask the applicant the 4 questions that appear on your screen. Submit.
- You’ll either get a confirmation that your applicant has Passed All Checks or a Failed
- For a Failed alert, refer to your organization’s red flags policy for what you need to do next.