Ashley A. Bogdan

Nov 17, 2024 | mondaq.com | Betty Santangelo |Melissa Goldstein |Gregoire P. Devaney |Ashley A. Bogdan

In recent weeks, the US Department of the Treasury's Office of Foreign Assets Control ("OFAC") has introduced an interim and a final rule amending its regulations with important implications for sanctions compliance programs. First, OFAC's general recordkeeping requirements under 31 C.F.R. § 501.601, as well as other provisions, will be extended from 5 years to 10 years, effective March 12, 2025.