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Can you summarize 31 CFR 501.604?
Reports > Reports on rejected transactions.
Short Summary
This document pertains to the reporting of rejected transactions by U.S. persons or persons subject to U.S. jurisdiction, including financial institutions. If a transaction is rejected because it would violate a provision in this chapter, a report must be submitted to the Office of Foreign Assets Control (OFAC). The report should include information such as the name and address of the person rejecting the transaction, a description of the transaction, details of any associated sanctions targets, the date of rejection, the value of the property involved, the legal authority for the rejection, and any related documentation. Reports must be filed within 10 business days of the rejected transaction. The document provides options for submitting reports to OFAC, including email or other official electronic reporting methods. The information provided in the reports is subject to the Freedom of Information Act (FOIA) and may be released upon a valid FOIA request, unless an applicable exemption applies.
Whom does it apply to?
Any U.S. person (or person subject to U.S. jurisdiction), including a financial institution, that rejects a transaction that is not blocked under the provisions of this chapter, but where processing or engaging in the transaction would nonetheless violate a provision contained in this chapter
What does it govern?
Reports on rejected transactions
What are exemptions?
No exemptions are mentioned
What are the Penalties?
Not specified
Jurisdiction
U.S. Federal Government