How long does OFAC clearance take?
How long does OFAC clearance take?
For information related to licenses authorizing exports of agricultural commodities, medicine, and medical devices to Iran and Sudan pursuant to the Trade Sanctions Reform and Export Enhancement Act of 2000 (TSRA), please see our TSRA page, TSRA Frequently Asked Questions, and TSRA Application Guidelines.
What is the timeframe in which you must report a transaction to OFAC after blocking or rejecting it?
within 10 days
Blocked and rejected transactions must be reported to OFAC within 10 days (see 31 C.F.R. §§ 501.603 and 501.604). Questions about whether a transaction should be blocked or rejected should be directed to OFAC’s Sanctions Compliance & Evaluation Division at [email protected].
How long does it take for OFAC to release funds?
six to thirty months
It could take anywhere from six to thirty months to receive OFAC’s decision on an unblocking application. Unfortunately for those who have had their funds blocked due to mistaken identity, there are no legal means to expedite the process.
How do I contact OFAC?
When Should I Call the OFAC Hotline?…Contact us by Telephone.
| Toll Free Hotline Number | 1-800-540-6322 |
|---|---|
| OFAC Licensing Division (Direct Number) | 1-202-622-2480 |
How often should OFAC be checked?
Banks must report all blockings to OFAC within 10 business days of the occurrence and annually by September 30 concerning those assets blocked (as of June 30). The annual report is to be filed on form TD F 90-22.50. Once assets or funds are blocked, they should be placed in a separate blocked account.
How long do you keep OFAC records?
OFAC records; for blocked property, record retention for as long as blocked; once unblocked, records must be maintained for five years).
Where do OFAC blocked funds go?
Contrary to popular belief, OFAC does not take control of or have access to blocked funds. Instead, the financial institution that blocks a prohibited transaction places the funds in a separate account and reports the blocked property to OFAC.
What is an OFAC 602 letter?
The OFAC administrative subpoena, commonly referred to by OFAC’s Enforcement Division as a 602, is the hallmark of an administrative investigation into the potential violation of U.S. economic sanctions administered by the United States Department of the Treasury’s Office of Foreign Assets Control.
What is the phone number for OFAC?
Toll Free Hotline Number Local Hotline Number 1-202-622-2490 OFAC Licensing Division (Direct Number) 1-202-622-2480
What is the Office of Foreign Assets Control (OFAC)?
The Office of Foreign Assets Control (OFAC) Encourages Persons to Communicate OFAC Compliance Concerns Related to the Coronavirus Disease 2019 (COVID-19) When Should I Call the OFAC Hotline?
What is OFAC sanctions list?
OFAC Sanctions Lists OFAC publishes lists of individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries. It also lists individuals, groups, and entities, such as terrorists and narcotics traffickers designated under programs that are not country-specific. Specially Designated Nationals List
When do you have to block an OFAC account?
U.S. law requires that assets and accounts of an OFAC-specified country, entity, or individual be blocked when such property is located in the United States, is held by U.S. individuals or entities, or comes into the possession or control of U.S. individuals or entities.
