OFAC Compliance Reports
To meet OFAC compliance, specific documentation requirements must be met. It is critical that a dedicated OFAC Compliance Officer is appointed. This individual will interface with OFAC, ensure your internal database is current, complete reporting requirements, and maintain training requirements. Here is a list of specific reporting requirements in order to meet compliance:
Initial OFAC Report
A rejected or blocked transaction must be reported to OFAC within 10 days. The OFAC report must contain the financial institution's name and address. The name and title of the contact person should be included in the report.
Annual OFAC Report
You must file an annual report of blocked assets with the Compliance Program Division of OFAC by September 30 of each year. This information is needed by the U.S. government for verification of compliance with OFAC regulations. The information in the report is considered privileged and confidential.
Retain OFAC Reports
You must retain records of all blocked or rejected transactions for five years for reference or research purposes. An entity covered by OFAC must keep an updated list of individuals or organizations that fund terrorism.