OFAC issues new reporting requirements for Russian assets
‘All financial institutions at which Russian sovereign assets are located, and that know or should know of such assets, are required to provide notice of such assets to the Office of Foreign Assets Control (OFAC) no later than August 2, 2024 or within 10 days of the detection of such assets,’ the Treasury Department instructed in a notice, outlining new reporting requirements under the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act (‘REPO Act’).
The 23 July notice said such reports should be submitted using the REPO Act Report Form available on OFAC’s website (https://ofac.treasury.gov) and further instructed that:
- ‘Institutions may rely on reports regarding Russian sovereign assets located at the financial institution that are filed pursuant to Directive 4 under Executive Order (E.O.) 14024 or in reports of blocked property filed pursuant to 31 C.F.R. § 501.603(b) to fulfill their obligations under section 104(a) of the Act with respect to those assets and should not re-report to OFAC any such assets under this instruction.’
- ‘Reports provided under this instruction shall identify Russian sovereign assets not otherwise reported to OFAC pursuant to Directive 4 under E.O. 14024 or in reports of blocked property filed pursuant to 31 C.F.R. § 501.603(b).’
- ‘Financial institutions should not re-report information on Russian sovereign assets that was previously reported to OFAC.’
It explained that reports of Russian sovereign assets must include the following:
(1) The name and address of the person in possession or control of the property;
(2) The date the property came into the possession or control of such person;
(3) The person that owns the account or property;
(4) A description of the property and its location in the United States or otherwise, including any relevant account types, account numbers, reference numbers, dates, or other information necessary to identify the property;
(5) The actual, or if unknown, estimated value of the property in U.S. dollars. Foreign currencies must be reported in U.S. dollars with the foreign currency amount and notional exchange rate in the narrative; and
(6) A copy of the most recent relevant account statement or other documentation to support the estimated value of the property.
