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ARTICLE · 24 SEPTEMBER 2024

OFAC Publishes Both Interim Final Rule Extending Recordkeeping Requirements And Comment Request Regarding Its Information Collection Requirements

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On September 11, 2024, the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") issued an interim final rule ("Rule") that extends OFAC's recordkeeping requirements from 5 to 10 years.

United StatesInternational Law
Shrutih Tewarie
Shrutih Tewarie
Luciano Racco
Luciano Racco
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Key Takeaways:

  • OFAC issued an interim final rule extending OFAC's recordkeeping requirements from 5 years to 10 years, to comport with the corresponding statute of limitations extension.
  • OFAC also published a request for public comment with respect to its approach to information collection.
  • Public comments in connection with the interim final rule are due October 15, 2024, while public comments regarding OFAC's information collection are due November 12, 2024.

On September 11, 2024, the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") issued an interim final rule ("Rule") that extends OFAC's recordkeeping requirements from 5 to 10 years. The Rule was published in the Federal Register on September 13, 2024, and public comments are due by October 15, 2024. The Rule will be effective on March 12, 2025. Also on September 11, 2024, OFAC issued a request for public comments ("RPC"), giving participants 60 days to comment on OFAC's

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