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OFAC’s interim rule pushes recordkeeping mandate to 10 years

Image of the seal of the US Treasury outside it's building in Washington, D.C.
Photo: Chip Somodevilla/Getty Images

Julie DiMauro

1 min read
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Amendment to Reporting, Procedures and Penalties Regulations extends recordkeeping mandates.

On September 11, 2024, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) published an Interim Final Rule (IFR) to amend its Reporting, Procedures and Penalties Regulations under 31 CFR Part 501, which extends recordkeeping requirements for certain transactions from five years to 10 years. 

Unless the IFR is modified as part

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