OFAC Reporting and Recordkeeping

On May 10, OFAC issued interim final rule on reporting requirements.

  • OFAC issued interim rule to Reporting, procedures, penalties regulations (31 CFR 501).
  • To require electronic filing of certain submissions to OFAC and to describe and modify certain reporting requirements related to blocked property and rejected transactions.
  • Provisions
  • Requires use of the electronic OFAC Reporting System for submission of reports related to blocked property and rejected transactions, removes certain mail options.
  • Describes the reports OFAC may require from financial institutions for transactions.
  • Adds reporting requirement for any blocked property that is unblocked or transferred.
  • Additionally, clarifies the scope of the reporting requirement for rejected transactions.
  • Further, OFAC is modifying the procedures for requests relating to property that is blocked in error and updating the Regulations with respect to FOIA data availability.
  • Also clarifying that persons may submit a petition for reconsideration to seek removal of a person or property from the SDN or any other list of sanctioned persons by OFAC.
  • Consultation
  • Interim final rule is effective Aug. 8, 2024; comments may be submitted by Jun. 10.

Regulators OFAC
Entity Types B/D; Bank; BS; IA; Ins; Inv Co; MSB
Reference 89 FR 40372, 5/10/2024; PR, RF, 5/8/2024; Citation: 31 CFR 501;
Functions AML; Compliance; Financial; Legal; Operations; Record Retention; Reporting; Risk; Sanctions; Technology
Countries United States of America
Category AML FIU
Products Banking; Deposits; Fund Mgt; Insurance; Loan; Payments; Securities
Regions Am
Rule Type Final
Rule Date 5/10/2024
Effective Date 8/8/2024
Rule Id 211554
Linked to N/A
Reg. Last Update 5/10/2024
Report Section AML & Enforcement

Last substantive update on 05/13/2024