[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR501.603]

[Page 564-565]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY
 
PART 501_REPORTING, PROCEDURES AND PENALTIES REGULATIONS--Table of Contents
 
                            Subpart C_Reports
 
Sec. 501.603  Reports on blocked property.

    (a) Who must report--(1) Holders of blocked property. Any person, 
including a financial institution, holding property blocked pursuant to 
this chapter must report. The requirement includes financial 
institutions that receive and block payments or transfers. This 
requirement is mandatory and applies to all U.S. persons (or persons 
subject to U.S. jurisdiction in the case of parts 500 and 515 of this 
chapter) who have in their possession or control any property or 
interests in property blocked pursuant to this chapter.
    (2) Primary responsibility to report. A report may be filed on 
behalf of a holder of blocked property by an attorney, agent, or other 
person. Primary responsibility for reporting blocked property, however, 
rests with the actual holder of the property, or the person exercising 
control over property located outside the United States, with the 
following exceptions: primary responsibility for reporting any trust 
assets rest with the trustee; and primary responsibility for reporting 
real property rests with any U.S. co-owner, legal representative, agent, 
or property manager in the United States. No person is excused from 
filing a report by reason of the fact that another person has submitted 
a report with regard to the same property, except upon actual knowledge 
of the report filed by such other person. Reports filed are regarded as 
privileged and confidential.
    (3) Financial institutions. For purposes of this section, the term 
``financial institution'' shall include a banking institution, domestic 
bank, United States depository institution, financial institution, or 
U.S. financial institution, as those terms are defined in the applicable 
part of this chapter.
    (b) What must be reported--(1) Initial reports--(i) When reports are 
due. Reports are required to be filed within 10 business days from the 
date that property becomes blocked. This reporting requirement includes 
payments or transfers that are received and blocked by financial 
institutions.
    (ii) Contents of reports. Initial reports on blocked property shall 
describe the owner or account party, the property, its location, any 
existing or new account number or similar reference necessary to 
identify the property, actual or estimated value and the date it was 
blocked, and shall include the name and address of the holder, along 
with the name and telephone number of a contact person from whom 
compliance information can be obtained. If the report is filed by a 
financial institution and involves the receipt of a payment or transfer 
of funds which are blocked by the financial institution, the report 
shall also include a photocopy of the payment or transfer instructions 
received and shall confirm that the payment has been deposited into a 
new or existing blocked account which is labeled as such and is 
established in the name of, or contains a means of clearly identifying 
the interest of, the individual or entity subject to blocking pursuant 
to the requirements of this chapter.
    (2) Annual reports--(i) When reports are due. A comprehensive report 
on all blocked property held as of June 30 of the current year shall be 
filed annually by September 30. The first annual report is due September 
30, 1997.
    (ii) Contents of reports. Annual reports shall be filed using Form 
TDF 90-22.50, Annual Report of Blocked Property. Copies of Form TDF 90-
22.50 may be obtained directly from the Office of Foreign Assets 
Control, by calling the fax-on-demand service maintained by the Office 
of Foreign Assets Control at 202/622-0077, or by downloading the form 
from the ``OFAC Press Releases and Miscellaneous Documents'' file 
library (``FAC--MISC'') located on the Government Printing Office's 
Federal Bulletin Board Online via GPO Access (Internet site: http://
fedbbs.access.gpo.gov/libs/fac--misc.htm). Photocopies of the report 
form may be used. Requests to submit the information required on Form 
TDF 90-22.50 in an alternative format developed by the reporter are 
invited and will be considered by the Office of Foreign Assets Control 
on a case-by-case basis. A copy of reports filed using form TDF 90-22.50 
or in alternative formats must be retained for the reporter's records.
    (c) Reports on retained funds pursuant to Sec. 596.504(b) of this 
chapter. The reporting requirements set forth in this section are 
applicable to any financial institution retaining funds pursuant to

[[Page 565]]

Sec. 596.504(b) of this chapter, except that the account name shall 
reflect the name of the person whose interest required retention of the 
funds.
    (d) Where to report. All reports must be filed with the Office of 
Foreign Assets Control, Compliance Programs Division, U.S. Treasury 
Department, 1500 Pennsylvania Avenue NW.--Annex, Washington, DC 20220.

    Note: See subpart F of part 597 for the relationship between this 
section and part 597.

[62 FR 45101, Aug. 25, 1997, as amended at 62 FR 52495, Oct. 8, 1997]