OFAC Amends 11 FAQs on Blocking, Rejecting Transactions and Reporting

OFAC amended FAQs 10, 32–36, 41–42, 49–50 and 53 concerning blocking and rejecting transactions and filing reports. The guidance distinguishes payment instructions from customer inquiries, explains when prohibited transactions must be rejected rather than blocked, and addresses reporting through the OFAC Reporting System. Initial blocking and rejected-transaction reports are generally due within 10 business days.