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We would like to clarify the change in OFAC record retention from 5 years to 10 years. Does this apply to the daily reports from scans of bank records to validate that we have no OFAC matches? For example, new customer records are scanned daily, and we are presented with potential matches. We research each one to ensure they are not the person listed on a “list.” Do we need to keep the generated reports for 10 years?
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Yes, OFAC compliance requirements now mandate maintaining transaction records for 10 years, aligning with the updated statute of limitations for sanctions violations. The new ruling requires that every organization keep a full, accurate record of every transaction subject to OFAC sanctions for ten years.
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