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Laura Deegan Comments on New Treasury Rule in Law360

"New Treasury Rule Amps Up Reporting Burden for Banks"


In this article, Laura Deegan commented on the Treasury Department's Office of Foreign Assets Control's (OFAC) interim rule that further expands reporting requirements, including a new requirement for financial institutions to notify the federal government any time they unblock frozen assets. "This creates, of course, more of a compliance burden to financial institutions who are mainly the holders of blocked property," Deegan said.