As we approach the end of the year, it’s time to declutter, organize, and prepare your records for 2025. Staying on top of record retention not only keeps your file room in order but ensures compliance with evolving regulations.

Key Update for 2025

Starting March 12, 2025, the Office of Foreign Assets Control (OFAC) requires businesses to retain certain transaction records for 10 years, up from the previous 5 years.

  • Applies to: Records governed by OFAC sanctions.
  • Reason for change: Aligns with extended statutes of limitations for sanctions-related violations.
  • Action required: Adjust retention policies to meet the 10-year requirement.

Steps to Organize Your Records

  • Sort into Categories

    • Group documents by type: financial, legal, personnel, and operational.
    • Create subcategories for easier access.

  • Follow Retention Guidelines

    • Use our updated retention guide to ensure compliance.

  • Embrace Digital Storage

    • Scan and digitize important documents to reduce clutter.
    • Use secure cloud storage for easy access and backups.

  • Purge Regularly

    • Schedule periodic reviews to discard outdated or unnecessary files.
    • Maintain compliance by documenting destruction dates.

Access Our Free Downloadable Guide

To make record retention even easier, we’ve created a downloadable guide outlining retention requirements for various document types.

👉 Click to download your guide now!