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How long do we need to keep OFAC file comparisons for suppliers?
May 10, 2021
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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