Treasury Raises Sanctions Fines to Keep Up with Inflation
Published Date: 1/15/2025
Rule
Summary
Starting January 15, 2025, the Treasury’s Office of Foreign Assets Control (OFAC) is raising certain fines to keep up with inflation. This means anyone who breaks OFAC rules might pay higher penalties, helping keep the rules strong and fair. These updates happen every year to make sure fines don’t lose their punch over time.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Higher OFAC Maximum Civil Penalties
Starting January 15, 2025, OFAC raised the maximum civil monetary penalties under several statutes. The maximums change as follows: TWEA from $108,489 to $111,308; IEEPA from $368,136 to $377,700 (and related half-IEEPA reference from $184,068 to $188,850); AEDPA from $97,178 to $99,703; FNKDA from $1,829,177 to $1,876,699; and CDTA from $16,630 to $17,062.
Recordkeeping & Reporting Penalty Increases
Effective January 15, 2025, OFAC raised recordkeeping and reporting-related CMPs: failure to furnish information (general) from $28,412 to $29,150; failure to furnish information where transactions exceed $500,000 from $71,031 to $72,876; late filing within first 30 days from $3,550 to $3,642; late filing more than 30 days from $7,104 to $7,289; blocked-assets overdue reporting additional CMP (per 30 days) from $1,422 to $1,459; and failure to maintain records from $71,162 to $73,011.
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Key Dates
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