OFAC: Remember your Blocked Property Reports!

Reminder to submit the Annual Report of Blocked Property

On June 30, 2017, OFAC issued a notice reminding financial institutions holding property blocked pursuant to OFAC sanctions regulations published in Chapter V of Title 31 of the Code of Federal Regulations of the requirement, as outlined in 31 C.F.R. § 501.603, to provide OFAC with a comprehensive report on all blocked property held as of June 30 of the current year by September 30. 
The annual reports must be filed using Form TD F 90-22.50, Annual Report of Blocked Property (ARBP).  If your institution holds 20 or more blocked accounts, OFAC recommends, but does not require, supplementing Part B of your ARBP with a spreadsheet along with your completed form.  Please send completed forms to OfacReport@treasury.gov.  Failure to submit a required report by September 30 constitutes a violation of 31 C.F.R. Part 501 (“Reporting, Procedures and Penalties Regulations”)


OFAC Notice

OFAC Annual Report of Blocked Property (ARBP) Filing Guidance

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