Treasury Doubles Record-Keeping Requirement for Sanctions
Published Date: 3/21/2025
Rule
Summary
The Treasury’s OFAC just made a final rule that doubles how long you have to keep certain records—from 5 years to 10 years. This change affects anyone dealing with sanctions and helps catch violations within the legal time frame. If you’re involved, get ready to hold onto your paperwork longer starting now!
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Sanctions Recordkeeping Doubled
OFAC’s final rule extends certain recordkeeping requirements from 5 years to 10 years. If you handle records related to sanctions administered by the Office of Foreign Assets Control, you must retain those records for 10 years instead of 5 years.
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