C.F.R. » Title 31 » CHAPTER V—OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY › PART 501—REPORTING, PROCEDURES AND PENALTIES REGULATIONS › Subpart C—Reports

31 C.F.R. § 501.601

Records and recordkeeping requirements

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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]
Notes of Decisions
Cited in 6 cases, 2004–2012 · leading case: United States v. Banki, 685 F.3d 99 (2d Cir. 2011).
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United States v. Banki, 685 F.3d 99 (2d Cir. 2011). “depository institutions to verify “that [an] underlying *112 transaction is not prohibited” by the ITR before initiating payment on behalf of a customer); see also 31 C.F.R. § 501.601 (requiring retention of transaction records for five years), § 501.”
Ministry of Def. & Support for the Armed Forces of the Islamic Repub. of Iran v. Cubic Def. Sys., Inc., 385 F.3d 1206 (9th Cir. 2004). · cites it 2× “We note, for instance, that any transactions involving the Cubic judgment remain subject to the record-keeping requirements set out at 31 C.F.R. § 501.601 . 10 Moreover, our reading of the relevant statutes and regulations is the one adopted by OFAC, 11 which is charged with…”
United States v. Banki, 660 F.3d 665 (2d Cir. 2011). “depository institutions to verify “that [an] underlying transaction is not prohibited” by the ITR before initiating payment on behalf of a customer); see also 31 C.F.R. § 501.601 (requiring retention of transaction records for five years), § 501.”
United States v. Banki, 660 F.3d 665 (2d Cir. 2012). “depository institutions to verify "that [an] underlying transaction is not prohibited" by the ITR before initiating payment on behalf of a customer); see also 31 C.F.R. § 501.601 petroleum resources, see 31 C.”
United States v. Banki, 660 F.3d 665 (2d Cir. 2012). “depository institutions to verify "that [an] underlying transaction is not prohibited" by the ITR before initiating payment on behalf of a customer); see also 31 C.F.R. § 501.601 petroleum resources, see 31 C.”
United States v. Banki, 660 F.3d 665 (2d Cir. 2012). “depository institutions to verify "that [an] underlying transaction is not prohibited" by the ITR before initiating payment on behalf of a customer); see also 31 C.F.R. § 501.601 (requiring retention of transaction records for five years), § 501.”
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