Has anyone ever heard of a requirement to file a nil report of blocked property to confirm your FI doesn't have any OFAC blocked property?

Blocked property reporting requirements

Rather than listen to a string of "No's," why don't you tell us what's going on?

I'm being told that such a requirement exists. I've been doing BSA and OFAC compliance almost 10 years; never heard of it. i'm just trying to make sure I haven't missed some notification or change along the way. I only know what I know.

Our usual and best advice in such circumstances is to challenge the source. A respectful version of "where is it written that ...?" will get you either a citation for this "requirement" or the knowledge that the source can't back it up. Try something like, "I'd like to learn more about that requirement. Can you tell me where to find it in OFAC's regulations or the law?"

This might help.

https://www.bankersonline.com/forum/ubbthreads.php/topics/466196/Report_of_Blocked_Property.html

thanks everyone!