Regulatory Alerts2024-07-26 | 2024-16479Added · Updated
Notice of Reporting Instructions Under the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued reporting instructions requiring financial institutions to report Russian sovereign assets held within the United States. These instructions, mandated by the REPO for Ukrainians Act, obligate institutions to notify OFAC of such assets no later than August 2, 2024, or within 10 days of detection, using a specific report form. The reporting requirements apply to assets not previously reported under Executive Order 14024 or existing blocked property regulations, with estimated annual burdens affecting approximately 300 financial institutions.
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