Rule
21 Mar 2025
regulatory compliance, banking, imports, administrative practice and procedure, reporting and recordkeeping requirements, penalties, exports, treasury, recordkeeping, sanctions, ofac, financial institutions, banks, foreign trade, cuba, licensing and registration
📜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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