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U.S. OFAC amends guidance on blocking and rejecting transactions, filing reports

Updates address 11 FAQs concerning sanctions programs, blocked property, rejected transactions, and reporting requirements.

October 27, 2026

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on October 26, 2026, amended 11 Frequently Asked Questions (FAQs) as part of its ongoing review of published guidance so that information remains current.

The amended FAQs address:

  • FAQ 10: Jurisdictions or countries subject to U.S. sanctions
  • FAQ 32: Blocking an account or funds transfer
  • FAQ 33: Interest required on blocked funds
  • FAQ 34: Service charges deducted from blocked accounts
  • FAQ 35: OFAC programs that do and do not involve blocking property
  • FAQ 36: When to reject rather than block a transaction
  • FAQ 41: Notification to customers when property is blocked
  • FAQ 42: Account openings and transactions involving blocked persons
  • FAQ 49: Timing and procedures for reporting blocked property and rejected transactions
  • FAQ 50: Required format for Annual Reports of Blocked Property
  • FAQ 53: Distinguishing a customer inquiry from a payment instruction
For more information, contact a professional with KPMG Trade & Customs services:

 

Andrew Siciliano
Partner, U.S. & Global Practice Leader

E: asiciliano@kpmg.com

Doug Zuvich
Partner

E: dzuvich@kpmg.com

Irina Vaysfeld
Principal

E: ivaysfeld@kpmg.com

John L. McLoughlin
Principal

E: jlmcloughlin@kpmg.com

Luis (Lou) Abad
Principal

E: labad@kpmg.com

George Zaharatos
Principal

E: gzaharatos@kpmg.com

Christopher Young
Principal

E: christopheryoung@kpmg.com

Amie Ahanchian
Principal

E: aahanchian@kpmg.com

Gisele Belotto
Principal

E: gbelotto@kpmg.com

Steve Brotherton
Principal

E: sbrotherton@kpmg.com

Jessica Libby
Principal

E: jlibby@kpmg.com

Dawn Olesky
Principal

E: dolesky@kpmg.com

Frances Xing
Principal

E: francesxing@kpmg.com

 

 

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