31 CFR §501.601 — Records and recordkeeping requirements
OFAC recordkeeping rule. Every person engaging in any transaction subject to the OFAC sanctions regulations (31 CFR chapter V) must keep a full and accurate record of each such transaction for at least 10 years; every person holding blocked property must keep a full and accurate record of that property while it is blocked and for 10 years after it is unblocked.
Verbatim regulatory text
Verbatim provisions from 31 CFR §501.601 — Records and recordkeeping requirements — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
31 CFR §501.601
Except as otherwise provided, every person engaging in any transaction subject to the provisions of this chapter shall keep a full and accurate record of each such transaction engaged in, regardless of whether such transaction is effected pursuant to license or otherwise, and such record shall be available for examination for at least 10 years after the date of such transaction. Except as otherwise provided, every person holding property blocked pursuant to the provisions of this chapter or funds transfers retained pursuant to § 596.504(b) of this chapter shall keep a full and accurate record of such property, and such record shall be available for examination for the period of time that such property is blocked and for at least 10 years after the date such property is unblocked. [62 FR 45101, Aug. 25, 1997, as amended at 62 FR 52494, Oct. 8, 1997; 89 FR 74834, Sept. 13, 2024]
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Source of record: https://claudeforcompliance.com/regs/ofac-31cfr-501-601/
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