[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: 31CFR501.603]



[Page 50-51]

 

                  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 51]]



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]