OFAC issues the interim final rule to amend the Reporting, Procedures and Penalties Regulations extending recordkeeping requirements for certain transactions from 5 to 10 years

The burden of the recordkeeping requirement imposed by this rule is minimal because the records required to be maintained are likely maintained under standard business practice. The recent increase in the recordkeeping period to 10 years from five years could impose a temporary incremental burden on recordkeepers while they update their recordkeeping practices and adjust storage requirements to maintain records for a longer period of time…