Reminder: OFAC Annual Report of Blocked Property Due Sep 30

The New Jersey Credit Union League (NJCUL) would like to remind credit unions that the Office of Foreign Assets Control (OFAC) requires all financial institutions to file a comprehensive report on all blocked property held as of June 30, of the current year, by September 30. 

The requirement doesn't apply if the institution isn't holding any blocked property.

The annual reports must be filed using Form TD F 90-22.50, Annual Report of Blocked Property (ARBP).  If an institution holds 20 or more blocked accounts, OFAC recommends, but does not require, supplementing Part B of the ARBP with a spreadsheet along with the completed form. Failure to submit a required report by September 30 constitutes a violation of OFAC regulations (31 C.F.R. Part 501: "Reporting, Procedures and Penalties Regulations").

Completed forms must be sent to OFACReport@treasury.gov

Click here for more information or contact NJCUL’s Nicola Foggie at nfoggie@njcul.org.

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