What currency reporting activities must the Southern Steer franchisee perform?
Southern_Steer Franchise · 2025 FDDAnswer from 2025 FDD Document
The Franchisee will comply and/or assist the Franchisor in its compliance efforts, as applicable, with any and all laws, regulations, Executive Orders or otherwise relating to anti-terrorist activities including, without limitation, the U.S.
Patriot Act, Executive Order 13224, and related U.S.
Treasury and/or other regulations.
In connection with such compliance efforts, the Franchisee will not enter into any prohibited transactions and will properly perform any currency reporting and other activities relating to the Southern Steer Business as may be required by the Franchisor or by law.
The Franchisee confirms that it is not listed in the Annex to Executive Order 13224 (http://www.treasury.gov/offices/enforcement/ofac/sanctions/terrorism.html) and agrees not to hire any person so listed or have any dealing with a person so listed.
Source: Item 22 — ITEM. 22 CONTRACTS (FDD pages 61–168)
What This Means (2025 FDD)
According to the 2025 Southern Steer Franchise Disclosure Document, franchisees must comply with all laws and regulations related to anti-terrorist activities, including the U.S. Patriot Act and Executive Order 13224. This compliance extends to any related U.S. Treasury regulations.
Southern Steer franchisees are required to avoid engaging in any prohibited transactions and must accurately perform all currency reporting activities as mandated by law or by Southern Steer itself. This means that franchisees need to be diligent in understanding and adhering to all legal and franchisor requirements related to financial transactions and reporting.
Furthermore, the FDD confirms that franchisees are not to be listed in the Annex to Executive Order 13224, which lists individuals and entities associated with terrorism. Franchisees also agree not to hire anyone listed or conduct business with them. This places a responsibility on the franchisee to screen potential employees and business partners against this list to ensure compliance.