Retention of OFAC scan material (for members and non-members alike) is controlled by your CU’s configured retention for Audit Trackers. This can be set to anywhere between 60 (5 years) and 84 months (7 years). See the related link below for the online help topic where you can learn more.
NOTE: CU*Answers is aware of changes OFAC has released on specific information retention moving from 5 years to 10 years.
Currently, CU*Answers finds the information ambiguous if it is for blocked transactions only or all OFAC related scans. We do have project #65655, which is going to move these OFAC scans to a dashboard, allowing us to change that retention period if need be.
Information on blocked accounts is not held in the system, and we recommend (if you feel this information should be retained) using Tool #664 Print Member Trackers for OFAC related memo types under the Audit Tracker. We are aware this can be a lengthy report, so you may elect to send it to CU*SPY for retention purposes. Please consult internal counsel to further parse the regulation. We will be keeping our eye on this to see if we receive further guidance from OFAC as well.