Regulatory Alerts2024-09-13 | 2024-20674OFAC Interim Final Rule: Reporting, Procedures and Penalties
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an interim final rule to extend recordkeeping requirements for certain sanctioned transactions from five to ten years. This amendment aligns OFAC's regulations with the 21st Century Peace through Strength Act, which extended the statute of limitations for civil and criminal violations of IEEPA and TWEA to ten years. The rule, effective March 12, 2025, requires persons engaging in transactions subject to OFAC regulations to retain accurate records for at least ten years after the transaction date or unblocking of property.
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