How long do we need to keep OFAC file comparisons for suppliers?

May 7, 2021

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Q. If we periodically run supplier reports against the OFAC list, how long should we keep the file comparisons? If we do get a match, how long should we keep a record of the match? According to the FFIEC, banking rules require that "Banks must keep a full and accurate record of each rejected transaction for at least five years after the date of the transaction." A. According to the U.S. Treasury site:"Banks must keep a full and accurate record of each blocked or rejected transaction for at…

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