31 CFR Part 501 — OFAC Reporting, Procedures & Penalties § 501.806 — Procedures for unblocking property believed to have been blocked and reported in error due to mistaken identity or typographical or similar errors

ofac-31cfr-501-806

31 CFR Part 501 — OFAC Reporting, Procedures & Penalties, §501.806 Procedures for unblocking property believed to have been blocked and reported in error due to mistaken identity or typographical or similar errors. Captured section-complete (all subsections verbatim).

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Verbatim regulatory text (7)

Verbatim provisions from 31 CFR Part 501 — OFAC Reporting, Procedures & Penalties § 501.806 — Procedures for unblocking property believed to have been blocked and reported in error due to mistaken identity or typographical or similar errors — 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 §501.806

When a party believes it has blocked property pursuant to the applicable regulations of this chapter due to mistaken identity or typographical or similar errors, such party may seek to have such property unblocked pursuant to the following administrative procedures:

Source: 31 CFR Part 501 — OFAC Reporting, Procedures & Penalties § 501.806 · source URL · snapshot 39889e823eee949c

31 CFR §501.806(a)

(a) Any person who has blocked and reported to the Office of Foreign Assets Control (OFAC) property pursuant to § 501.603 may submit a request for authorization to release blocked property that was blocked in error due to mistaken identity or typographical or similar error.

Source: 31 CFR Part 501 — OFAC Reporting, Procedures & Penalties § 501.806 · source URL · snapshot 39889e823eee949c

31 CFR §501.806(b)

(b) Requests to release such property must be sent via email to OFACReport@treasury.gov and include the phrase “31 CFR 501.806—Request for a Compliance Release” in the subject line of the email.

Source: 31 CFR Part 501 — OFAC Reporting, Procedures & Penalties § 501.806 · source URL · snapshot 39889e823eee949c

31 CFR §501.806(c)

(c) A request to release property must include the name, address, telephone number, and email address of the person seeking the release of the property.

Source: 31 CFR Part 501 — OFAC Reporting, Procedures & Penalties § 501.806 · source URL · snapshot 39889e823eee949c

31 CFR §501.806(d)

(d) A request to release property should include the following information, where known, concerning the blocked property: (1) The name of the person that holds the blocked property or filed the initial report of blocked property; (2) The actual value, or if unknown, estimated value, in U.S. dollars of the blocked property, as included in the initial report of blocked property; (3) The date of the blocking included in the initial report of blocked property; (4) A copy of a valid government-issued identification document, social security number or employer identification number for a person whose property is believed to have been blocked in error, when applicable; (5) The OFAC Reporting System (ORS) identification numbers associated with the initial report of blocked property filed with OFAC, when available; (6) A description of the property or underlying transaction; and (7) A narrative description of the reasons why the applicant believes the property was blocked in error.

Source: 31 CFR Part 501 — OFAC Reporting, Procedures & Penalties § 501.806 · source URL · snapshot 39889e823eee949c

31 CFR §501.806(e)

(e) Upon receipt of the materials required by paragraph (d) of this section, OFAC may request additional material, if available, from the applicant concerning the blocked property pursuant to § 501.602.

Source: 31 CFR Part 501 — OFAC Reporting, Procedures & Penalties § 501.806 · source URL · snapshot 39889e823eee949c

31 CFR §501.806(f)

(f) Following review of all applicable submissions, OFAC will determine whether the property should be released. In the event that OFAC determines that the property should be released, it will direct the person to release the property to the appropriate party. [89 FR 40378, May 10, 2024]

Source: 31 CFR Part 501 — OFAC Reporting, Procedures & Penalties § 501.806 · source URL · snapshot 39889e823eee949c

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Source of record: https://claudeforcompliance.com/regs/ofac-31cfr-501-806/ · register ofac-31cfr-501-806 · verbatim, source-snapshotted regulator text from the Claude for Compliance corpus. To work from every register at once, download the corpus and follow the methodology.