source:
  type: regulation
  id: ofac-31cfr-501.603
  authority: 31 CFR §501.603 — Reports of blocked, unblocked, or transferred blocked property
  description: 'OFAC reporting rule. U.S. persons (and persons subject to U.S.

    jurisdiction under part 515) who hold, unblock, or transfer

    property blocked pursuant to 31 CFR chapter V must file initial

    blocking reports within 10 business days, annual reports by

    September 30 covering property held as of June 30, and unblock /

    transfer reports within 10 business days, generally through the

    OFAC Reporting System (ORS).

    '
obligations:
- id: ofac-31cfr-501.603-a
  canonical_id: ofac-31cfr-501.603-a
  section: 31 CFR §501.603(a)
  description: '(a): (a) Who must report —(1) Persons holding, unblocking, or transferring blocked property.
    Any U.S. person (or person subject to U.S. jurisdiction in the case of part 515 of this chapter),
    including a financial institution, holding, unblocking, or transferring property blocked pursuant
    to this chapter …'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 31 CFR §501.603(b)(1)(i)
    source_class: ofac-treasury
    source_url: https://www.law.cornell.edu/cfr/text/31/501.603
    snapshot_id: 8de15e095e630af6
    fetched_at: '2026-05-22T11:34:29Z'
    content_hash: sha256:3162982a0e7fb6605f8ef5e32a16ec5cf8b521ec2a68bd2964bc61467a6d8477
    paragraph_quote: '(a) Who must report —(1) Persons holding, unblocking, or transferring blocked property.
      Any U.S. person (or person subject to U.S. jurisdiction in the case of part 515 of this chapter),
      including a financial institution, holding, unblocking, or transferring property blocked pursuant
      to this chapter shall submit the relevant reports described in this section to the Office of Foreign
      Assets Control (OFAC). This requirement applies to all U.S. persons (or persons subject to U.S.
      jurisdiction in the case of part 515 of this chapter), who have in their possession or control any
      property blocked pursuant to this chapter, including financial institutions that receive and block
      payments or transfers, or who have had in their possession or control such property that is unblocked
      or transferred, as set out in paragraph (b) of this section. (2) Primary responsibility to report.
      A report may be filed on behalf of a person who holds, transfers, or releases blocked property by
      an attorney, agent, or other person. Primary responsibility for reporting, however, rests with the
      actual holder, transferrer, or releaser of the property, or the person exercising control over property
      located outside the United States, with the following exceptions: primary responsibility for reporting
      any trust assets rests with the trustee; and primary responsibility for reporting real property
      rests with any U.S. co-owner, legal representative, agent, or property manager in the United States.
      No person is excused from filing a report by reason of the fact that another person has submitted
      a report with regard to the same property, except upon actual knowledge of the report filed by such
      other person. (3) Financial institution. For purposes of this section, the term “financial institution”
      includes a banking institution, domestic bank, United States depository institution, financial institution,
      or U.S. financial institution, as those terms are defined in the applicable part of this chapter.'
    drafter_attestation: Verbatim subsection of 31 CFR §501.603 from Cornell LII snapshot 8de15e095e630af6;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: ofac-31cfr-501.603-b
  canonical_id: ofac-31cfr-501.603-b
  section: 31 CFR §501.603(b)
  description: '(b): (b) What must be reported —(1) Initial blocking reports —(i) When reports are due.
    Reports shall be filed within 10 business days from the date that property becomes blocked. (ii) Required
    information to be reported. Initial reports on blocked property shall include the following: (A) The
    name and a…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 31 CFR §501.603(b)(1)(i)
    source_class: ofac-treasury
    source_url: https://www.law.cornell.edu/cfr/text/31/501.603
    snapshot_id: 8de15e095e630af6
    fetched_at: '2026-05-22T11:34:29Z'
    content_hash: sha256:3162982a0e7fb6605f8ef5e32a16ec5cf8b521ec2a68bd2964bc61467a6d8477
    paragraph_quote: '(b) What must be reported —(1) Initial blocking reports —(i) When reports are due.
      Reports shall be filed within 10 business days from the date that property becomes blocked. (ii)
      Required information to be reported. Initial reports on blocked property shall include the following:
      (A) The name and address of the person holding the property blocked pursuant to this chapter ( i.e.,
      the person filing the report on blocked property, such as a financial institution), and the name,
      telephone number, and email address of a contact from whom additional information may be obtained;
      (B) A description of any transaction associated with the blocking, including: The type of transaction;
      any persons, including financial institutions, participating in the transaction and their respective
      locations (e.g., if relevant, customers, beneficiaries, originators, letter of credit applicants,
      and their banks; intermediary banks; correspondent banks; issuing banks; and advising or confirming
      banks); and any reference numbers, dates, or other information necessary to identify the transaction;
      (C) The associated sanctions target(s) whose property is blocked (such as a Specially Designated
      National or other blocked person), the location(s) of the target(s) (if known), and, if not evident,
      a narrative description of the interest(s) of the target(s) in the property; if there is no target
      or the target is not known, include a reference to the relevant written communication from OFAC
      pursuant to which the blocking action was taken; (D) A description of the property that is the subject
      of the blocking and its location in the United States or otherwise, including any relevant account
      numbers and account types, check numbers, reference numbers, dates, or other information necessary
      to identify the property; (E) The date the property was blocked; (F) The actual, or if unknown,
      estimated value of the property in U.S. Dollars. If the blocked property represents an outstanding
      loan, a credit card receivable, or other property with a negative balance, the amount blocked should
      be reported as $0.00 (zero) with the amount owed reflected in a narrative description. Blocked trade
      finance documents should also be reported as $0.00 (zero) with the value of the shipment reflected
      in a narrative description. Transactions blocked in foreign currencies must be reported in U.S.
      Dollars with the foreign currency amount and notional exchange rate in the narrative; (G) Any action
      taken with respect to the property (e.g., depositing the property into a new or existing blocked,
      interest-bearing account that is labeled as such and is established in the name of, or contains
      a means of clearly identifying the interest of, the person subject to blocking pursuant to the requirements
      of this chapter); (H) The legal authority or authorities under which the property is blocked. This
      may include a reference to the sanctions program (current programs are on OFAC''s website: https://ofac.treasury.gov
      ), the applicable part of this chapter (e.g., 31 CFR part 515 , 31 CFR part 544 ), an Executive
      order (E.O.) (e.g., E.O. 13224 , E.O. 13599 ), or a statute (e.g., Foreign Narcotics Kingpin Designation
      Act ). ( Note: For this purpose, the term “SDN” is generic and cannot be used to identify the legal
      authority for blocking property); and (I) A copy of any payment or transfer instructions, check,
      letter of credit, accompanying bill of lading, invoice, or any other relevant documentation received
      in connection with any related transaction. (2) Annual reports of blocked property —(i) When reports
      are due. A report on all blocked property held as of June 30 of the current year shall be filed
      annually by September 30. (ii) Required information to be reported. Annual reports on blocked property
      shall include the following: (A) The name and address of the person holding the property blocked
      pursuant to this chapter ( i.e., the person filing the report on blocked property, such as a financial
      institution), and the name, telephone number, and email address of a contact from whom additional
      information may be obtained; (B) The number of accounts or items reported in the annual report;
      (C) Beginning with the annual report due no later than September 30, 2020, and for each subsequent
      reporting year, the associated sanctions target(s) whose property is blocked, such as a Specially
      Designated National or other blocked person, the location(s) of the target(s), if known, and, if
      not evident, a narrative description of the interest(s) of the target(s) in the transaction; if
      there is no target or the target is not known, include a reference to the relevant written communication
      from OFAC pursuant to which the blocking action was taken; (D) A description of the property that
      is the subject of the blocking and its location in the United States or otherwise, including any
      relevant account numbers and account types, check numbers, reference numbers, dates, or other information
      necessary to identify the property; (E) The date the property was blocked; (F) The actual, or if
      unknown, estimated value of the property in U.S. Dollars as of June 30. If a June 30 value date
      is not available and a value date other than June 30 is reported, so indicate. If the blocked property
      represents an outstanding loan, a credit card receivable, or other property with a negative balance,
      the amount blocked should be reported as $0.00 (zero) with the amount owed reflected in a narrative
      description. Blocked trade finance documents should also be reported as $0.00 (zero) with the value
      of the shipment reflected in a narrative description. Transactions blocked in foreign currencies
      must be reported in U.S. Dollars with the foreign currency amount and notional exchange rate in
      the narrative; (G) The legal authority or authorities under which the property is blocked. This
      may include a reference to the sanctions program (current programs are listed here: www.treasury.gov/resource-center/sanctions/SDN-List/Pages/program_tags.aspx
      ), the applicable part of this chapter ( e.g., 31 CFR part 515 , 31 CFR part 544 ), an Executive
      order (E.O.) ( e.g., E.O. 13224 , E.O. 13599 ), or a statute ( e.g., Foreign Narcotics Kingpin Designation
      Act ). ( Note: For this purpose, the term “SDN” is generic and cannot be used to identify the legal
      authority for blocking property). (3) Reports of blocked property that is unblocked or transferred
      —(i) When reports are due. Except as provided in paragraphs (b)(3)(i)(A) through (D) of this section,
      reports shall be submitted to OFAC within 10 business days from the date blocked property is unblocked
      or transferred. For example, such reports must be filed when blocked property is unblocked or transferred
      pursuant to a valid order from a U.S. Government agency or U.S. court, including pursuant to a valid
      judicial order issued pursuant to section 201(a) of the Terrorism Risk Insurance Act ( Pub. L. 107-297
      , 116 Stat. 2322 , 28 U.S.C. 1610 note) or a valid order of forfeiture by any U.S. Government agency
      or U.S. court. Reports do not need to be filed under this section for: (A) Authorized debits to
      blocked accounts for normal service charges; (B) Authorized transfers of funds or credit by a financial
      institution between blocked accounts in its branches or offices; (C) Unblocking or transfer of blocked
      property that is explicitly authorized by a specific or general license, unless the specific or
      general license includes a condition requiring the submission of a separate unblocking report; or
      (D) Unblocking of blocked property pursuant to OFAC''s removal of a person from OFAC''s List of
      Specially Designated Nationals and Blocked Persons (SDN List). (ii) Required information to be reported.
      Reports on the release of property from blocked status ( i.e., property that is unblocked) shall
      include the following: (A) The name and address of the person holding the property immediately prior
      to the property''s release from blocked status ( i.e., the person filing the unblocking or transfer
      report, such as a financial institution), and the name, telephone number, and email address of a
      contact from whom additional information may be obtained; (B) The associated sanctions target(s)
      whose property had been previously blocked and was released from blocked status, such as a Specially
      Designated National or other blocked person, the location(s) of the target(s), if known, and, if
      not evident, a narrative description of the interest(s) of the target(s) in the previously blocked
      property or transaction; if there is no target or the target is not known, include a reference to
      the relevant written communication from OFAC pursuant to which the blocking action was taken; (C)
      A description of the property that has been unblocked and its location in the United States or otherwise
      immediately prior to its release from blocked status, including any relevant account numbers and
      account types, check numbers, reference numbers, dates, or other information necessary to identify
      the property; (D) The date the property was unblocked; (E) The actual value of the property that
      was released from blocked status in U.S. Dollars. If the property represented an outstanding loan,
      a credit card receivable, or other property with a negative balance, the amount unblocked should
      be reported as $0.00 (zero) with the amount owed reflected in a narrative description. Trade finance
      documents should also be reported as $0.00 (zero) with the value of the shipment reflected in a
      narrative description. Transactions that were previously blocked in foreign currencies and were
      unblocked in a foreign currency must be reported in U.S. Dollars with the foreign currency amount
      and notional exchange rate in the narrative; (F) The legal authority or authorities under which
      the property was unblocked or transferred. This may include, for example, reference to a specific
      or general license under an applicable part of this chapter or an E.O.; and (G) A copy of the original
      blocking report filed with OFAC pursuant to § 501.603(b)(1) and the OFAC Reporting System report
      identification numbers, when available. Note 3 to paragraph ( b )(3). The reporting requirement
      set forth in this paragraph (b)(3) applies in addition to the reporting requirement set forth in
      § 501.605 of this part, which requires litigants to notify OFAC of proceedings that may affect blocked
      property or retained funds.'
    drafter_attestation: Verbatim subsection of 31 CFR §501.603 from Cornell LII snapshot 8de15e095e630af6;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: ofac-31cfr-501.603-c
  canonical_id: ofac-31cfr-501.603-c
  section: 31 CFR §501.603(c)
  description: '(c): (c) Reports on retained funds pursuant to § 596.504(b) of this chapter. The reporting
    requirements set forth in this section are applicable to any person retaining funds pursuant to §
    596.504(b) or releasing such funds.'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 31 CFR §501.603(b)(1)(i)
    source_class: ofac-treasury
    source_url: https://www.law.cornell.edu/cfr/text/31/501.603
    snapshot_id: 8de15e095e630af6
    fetched_at: '2026-05-22T11:34:29Z'
    content_hash: sha256:3162982a0e7fb6605f8ef5e32a16ec5cf8b521ec2a68bd2964bc61467a6d8477
    paragraph_quote: (c) Reports on retained funds pursuant to § 596.504(b) of this chapter. The reporting
      requirements set forth in this section are applicable to any person retaining funds pursuant to
      § 596.504(b) or releasing such funds.
    drafter_attestation: Verbatim subsection of 31 CFR §501.603 from Cornell LII snapshot 8de15e095e630af6;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: ofac-31cfr-501.603-d
  canonical_id: ofac-31cfr-501.603-d
  section: 31 CFR §501.603(d)
  description: '(d): (d) How to report. (1) Except as otherwise provided, all initial reports of blocked
    property required under § 501.603(b)(1) and the Annual Reports of Blocked Property required under
    § 501.603(b)(2) must be filed electronically through the OFAC Reporting System (ORS), available on
    OFAC''s website, htt…'
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 31 CFR §501.603(b)(1)(i)
    source_class: ofac-treasury
    source_url: https://www.law.cornell.edu/cfr/text/31/501.603
    snapshot_id: 8de15e095e630af6
    fetched_at: '2026-05-22T11:34:29Z'
    content_hash: sha256:3162982a0e7fb6605f8ef5e32a16ec5cf8b521ec2a68bd2964bc61467a6d8477
    paragraph_quote: (d) How to report. (1) Except as otherwise provided, all initial reports of blocked
      property required under § 501.603(b)(1) and the Annual Reports of Blocked Property required under
      § 501.603(b)(2) must be filed electronically through the OFAC Reporting System (ORS), available
      on OFAC's website, https://ofac.treasury.gov/ofac-reporting-system. While blocked funds may be maintained
      in omnibus accounts, the Annual Reports of Blocked Property must contain a disaggregated list showing
      each blocked asset contained within the omnibus account. A copy of reports submitted pursuant to
      this section shall be retained for the submitter's records . If a submitter can provide evidence
      of unique and extraordinary circumstances that would not allow the submitter to use ORS, such as
      lack of access to the internet, the submitter may request to submit reports in an alternative manner
      by calling 202/622-2490. Such requests will be subject to a presumption of denial and granted only
      in writing. (2) All reports of unblocked or transferred blocked property required pursuant to §
      501.603(b)(3) must be submitted electronically to OFAC via email at OFACReport@treasury.gov, with
      the number of this section in the subject line, or through ORS, available on OFAC's website, https://ofac.treasury.gov/ofac-reporting-system.
      If a submitter can provide evidence of unique and extraordinary circumstances that would not allow
      the submitter to report electronically, such as lack of access to the internet, the submitter may
      request to submit reports in an alternative manner by calling 202/622-2490. Such requests will be
      subject to a presumption of denial and granted only in writing.
    drafter_attestation: Verbatim subsection of 31 CFR §501.603 from Cornell LII snapshot 8de15e095e630af6;
      body isolated between nav and notes; substring-verified.
  judgment: false
- id: ofac-31cfr-501.603-e
  canonical_id: ofac-31cfr-501.603-e
  section: 31 CFR §501.603(e)
  description: '(e): (e) Rules governing availability of information. Information submitted to OFAC pursuant
    to this section will be protected from disclosure under the Freedom of Information Act (FOIA) ( 5
    U.S.C. 552 ) and the provisions of 31 CFR part 1 if OFAC reasonably foresees that disclosure would
    harm an interes…'
  type: dont
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 31 CFR §501.603(b)(1)(i)
    source_class: ofac-treasury
    source_url: https://www.law.cornell.edu/cfr/text/31/501.603
    snapshot_id: 8de15e095e630af6
    fetched_at: '2026-05-22T11:34:29Z'
    content_hash: sha256:3162982a0e7fb6605f8ef5e32a16ec5cf8b521ec2a68bd2964bc61467a6d8477
    paragraph_quote: (e) Rules governing availability of information. Information submitted to OFAC pursuant
      to this section will be protected from disclosure under the Freedom of Information Act (FOIA) (
      5 U.S.C. 552 ) and the provisions of 31 CFR part 1 if OFAC reasonably foresees that disclosure would
      harm an interest protected by a FOIA exemption or disclosure is prohibited by law. See 31 CFR 1.5
      for additional provisions relating to confidential commercial information. [ 84 FR 29058 , June
      21, 2019, as amended at 89 FR 15740 , Mar. 5, 2024; 89 FR 40375 , May 10, 2024; 89 FR 81361 , Oct.
      8, 2024] Foreign Narcotics Kingpin Designation Act Freedom of Information Act CFR Toolbox Law about...
      Articles from Wex Table of Popular Names Parallel Table of Authorities Accessibility About LII Contact
      us Advertise here Help Terms of use Privacy
    drafter_attestation: Verbatim subsection of 31 CFR §501.603 from Cornell LII snapshot 8de15e095e630af6;
      body isolated between nav and notes; substring-verified.
  judgment: false
