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On February 20, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) issued two new FAQs related to the Reporting, Procedures and Penalties Regulations (RPPR). The RPPR “set forth standard reporting and recordkeeping requirements and license application and other procedures relevant to the economic sanctions programs administered by OFAC.” As previously covered by InfoBytes, OFAC amended the RPPR last June to expand instructions and add “new requirements for parties filing reports on blocked property, unblocked property, or rejected transactions,” updating six sections of the regulations. The two new FAQs state that the June amendment is currently in effect and that all parties, including entities that are not U.S. financial institutions, must obey all of the RPPR requirements, which include submitting reports to OFAC “within 10 business days of [a] rejected transaction.” Information on submitting the reports can be found here.
The FAQs also address how much information must be included in a rejected transaction report. OFAC anticipates filers will include all required information “that is in the filer’s possession in a rejected transaction report, and generally does not expect reporters to seek further information from their counterparty.” However, OFAC does expect that, at a minimum, filers will include (i) the identity of the filer; (ii) the date of the rejected transaction; (iii) the authority under which the transaction was rejected; and (iv) all pertinent documentation acquired with the transaction.
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- Jeffrey P. Naimon to discuss "Truth in lending” at the American Bar Association National Institute on Consumer Financial Services Basics
- Daniel R. Alonso to discuss anti-money-laundering at FELABAN Spanish-language webinar “Perspective for banks: LAFT, FINCEN, OFAC, Cryptocurrency”
- Daniel R. Alonso to discuss "What’s new in BSA/AML compliance?" at the Institute of International Bankers Regulatory Compliance Seminar
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- Jonice Gray Tucker to discuss "Consumer financial services" at the Practising Law Institute Banking Law Institute
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