The U.S. Treasury Department’s Office of Foreign Assets Control removed 76 entries from its sanctions list on May 28, covering deceased individuals and dissolved networks. Treasury Secretary Bessent announced in Paris that the department is starting a modernization effort for the sanctions list, saying sanctions should be used as a tool to change behavior rather than as a permanent measure. According to CryptoBriefing, the number of annual sanctions designations added by the department rose from about 880 in 2017 to more than 3,000 in 2024, pushing compliance costs higher for financial institutions. The cleanup does not involve crypto-related entities, but trimming outdated entries could reduce false positives in screening systems used by banks and cryptocurrency exchanges, allowing compliance teams to focus more closely on actual threats.
The U.S. Treasury Department’s Office of Foreign Assets Control removed 76 entries from its sanctions list on May 28, covering deceased individuals and dissolved networks.
Treasury Secretary Bessent said at a meeting in Paris that the department has started a sanctions-list modernization effort. He said the goal is to use sanctions as a tool for changing behavior, not as a permanent measure.
According to CryptoBriefing, the number of annual sanctions designations added by the department increased from about 880 in 2017 to more than 3,000 in 2024, raising compliance costs for financial institutions.
The cleanup does not include crypto entities. Even so, removing outdated entries may lower false positives in screening systems used by banks and cryptocurrency exchanges, which could help compliance resources stay focused on actual threats.
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