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21 Mar 2025

📜OFAC Extends Recordkeeping to 10 Years for Businesses

Reporting, Procedures and Penalties Regulations

Summary

The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing this final rule to adopt, without change, an interim final rule to amend the Reporting, Procedures and Penalties Regulations (the "Regulations"), extending certain recordkeeping requirements from five to 10 years, consistent with the statute of limitations for violations of certain sanctions administered by OFAC.

Agencies

  • Treasury Department
  • Foreign Assets Control Office

Business Impact ?

$$$ - High

The regulation extends recordkeeping requirements for businesses from five to ten years, requiring heightened compliance efforts regarding sanctions, which can lead to increased operational costs and a need for revised internal policies.

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