Sanctions - OFAC's Recordkeeping Extension

OFAC extends recordkeeping from 5 to 10 years. Find out how this impacts your compliance efforts and how to prepare for the upcoming changes. OFAC's Recordkeeping Extension: What You Need to Know

What Questions We Will Answer in this blog

• How does OFAC’s new rule extend recordkeeping requirements, and why does it matter to you?

• What are the implications for financial institutions, companies, and compliance professionals?

  How should you prepare for the 10-year recordkeeping requirement and avoid penalties?

  
  

Introduction

On September 11, 2024, OFAC (Office of Foreign Assets Control) made an important announcement: an extension of recordkeeping requirements from five to ten years. If you’re in customs, export control, or sanctions compliance, this rule is crucial for you. It’s not just another regulatory update—this is a shift that could have significant implications for your business operations and your compliance infrastructure.

"The key here is accountability. Extending recordkeeping from five to ten years means everyone—from small businesses to major financial institutions—needs to ensure they are capturing the right data for a longer period."– Arne Mielken, Managing Director, Customs Manager Ltd

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