OFACSanctions / OFACJuly 27, 2026

OFAC Updates Contact Info and Swaps Legal-Fee Reporting for Recordkeeping

OFAC is finalizing administrative updates to several CFR parts, including refreshed website and contact information and a notable change to general licenses covering payments for legal services from funds originating outside the United States — replacing a reporting requirement with a recordkeeping requirement. Firms that rely on these general licenses (e.g., when a sanctioned-country counterparty pays legal fees) now need to maintain records rather than file reports. Compliance teams should update their sanctions compliance procedures to reflect the recordkeeping obligation.

What to do

Update your sanctions compliance policy and general license procedures to replace any legal-services reporting workflows with the new recordkeeping requirement, and confirm your OFAC contact and web references are current.

Who this affects

Bank / Credit UnionCrypto ExchangeMoney Services BusinessPayments CompanyFintech / NeobankTrust Company

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Source

Read the official publication

This radar entry is educational and does not constitute legal advice. Summaries are AI-assisted and grounded in the linked official source; always verify against the primary source and consult qualified legal counsel for jurisdiction-specific guidance.

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