[Code of Federal Regulations]

[Title 31, Volume 3]

[Revised as of July 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 31CFR501.601]



[Page 49]

 

                  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. 501.601  Records and recordkeeping requirements.





    Except as otherwise provided, every person engaging in any 

transaction subject to the provisions of this chapter shall keep a full 

and accurate record of each such transaction engaged in, regardless of 

whether such transaction is effected pursuant to license or otherwise, 

and such record shall be available for examination for at least 5 years 

after the date of such transaction. Except as otherwise provided, every 

person holding property blocked pursuant to the provisions of this 

chapter or funds transfers retained pursuant to Sec. 596.504(b) of this 

chapter shall keep a full and accurate record of such property, and such 

record shall be available for examination for the period of time that 

such property is blocked and for at least 5 years after the date such 

property is unblocked.



    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 52494, Oct. 8, 1997]