Regulatory Alerts2024-05-10 | 2024-10033Added · Updated
Reporting, Procedures and Penalties Regulations
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) amends 31 CFR Part 501 to require electronic filing via the OFAC Reporting System for initial reports of blocked property, Annual Reports of Blocked Property, and reports of rejected transactions, effective August 8, 2024. The rule mandates email submission for specific notifications and removes mail options for various submissions, while introducing a new requirement to report blocked property that is unblocked or transferred within 10 business days. Additionally, OFAC clarifies the scope of rejected transaction reporting for all U.S. persons, updates procedures for compliance release requests regarding mistaken identity, and allows petitions for administrative reconsideration to seek removal from the SDN List.