31 CFR §501.601 — Records and recordkeeping requirements

ofac-31cfr-501-601

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.

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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
    audit_question: ''
    program_review: ''
    file_review: ''
    judgment: false
    feeds: []
    workflow_phase: ''
    owner_role: ''
    secondary_owner_role: ''
    cadence: ''
    consequence: ''
    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.

Verbatim regulatory text (1)

Verbatim provisions from 31 CFR §501.601 — Records and recordkeeping requirements — 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 §501.601

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

Source: 31 CFR §501.601 · source URL · snapshot 67ade058e823cbee

Operationalizing 31 CFR §501.601 — Records and recordkeeping requirements

This is verbatim, source-snapshotted regulator text from the Claude for Compliance open corpus. To turn a rule like this into compliance work product: gap-analyze your policies and procedures (P&Ps) against these requirements to surface stale, conflicting, or missing provisions; operationalize any change with a ready-to-run update kit; and produce audit-ready evidence — every step grounded only in the regulator’s own words, never invented.

Source of record: https://claudeforcompliance.com/regs/ofac-31cfr-501-601/ · register ofac-31cfr-501-601 · Claude for Compliance. Free to read and download; see regulatory updates and methodology.