Rule
21 Mar 2025
recordkeeping, financial institutions, banking, penalties, imports, ofac, banks, treasury, regulatory compliance, cuba, licensing and registration, administrative practice and procedure, foreign trade, reporting and recordkeeping requirements, sanctions, exports
📜OFAC Extends Recordkeeping to 10 Years for Businesses
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.
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