source:
  type: regulation
  id: ofac-31cfr-501.601
  authority: 31 CFR §501.601 — Records and recordkeeping requirements
  description: '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.

    '
obligations:
- id: ofac-31cfr-501.601-full
  canonical_id: ofac-31cfr-501.601-full
  section: 31 CFR §501.601
  description: 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
    av…
  type: do
  tags:
  - regulator-direct
  - section-complete
  - cfpb-regulation
  primary_source:
    tier: 1
    authority: 31 CFR §501.601
    source_class: ofac-treasury
    source_url: https://www.law.cornell.edu/cfr/text/31/501.601
    snapshot_id: 67ade058e823cbee
    fetched_at: '2026-05-22T11:34:28Z'
    content_hash: sha256:e93d6349f1422f3d1c0712402f04c5eb0bdfd7f83ed0e5b9a801a48f1fc62752
    paragraph_quote: 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] 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 §501.601 from Cornell LII snapshot 67ade058e823cbee;
      body isolated between nav and notes; substring-verified.
  judgment: false
