A New Approach To OFAC's Rejected-Transactions Reporting

Law360 (May 21, 2020, 6:05 PM EDT) -- In June 2019, the U.S. Department of the Treasury's Office of Foreign Assets Control, or OFAC, significantly changed the scope of reporting requirements related to so-called rejected transactions, particularly in terms of expanding the reporting base beyond financial institutions and funds transfers.

In February, OFAC issued FAQs to confirm that these reporting requirements apply to companies outside the financial sector.[1] However, OFAC has not provided public guidance to nonfinancial sectors seeking to comply with U.S. sanctions about which types of transactions should be reported under Title 31, Section 501.604 of the Code of Federal Regulations.[2]

After providing background on OFAC reporting...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!