OFAC changes to reporting requirements

OFAC has amended the Reporting, Procedures and Penalties Regulations, 31 CFR part 501 (RPPR) which set out reporting and recordkeeping requirements for those holding blocked assets. Notice. Changes include: Requirement for financial and non-financial institutions to report to OFAC after rejecting transactions that could be prohibited by sanctions; In addition to wire transfers, transactions now include good and services, securities, …