What type of report is due annually concerning blocked property?

The correct answer is the comprehensive annual report. Under the Bank Secrecy Act (BSA), institutions are required to file a comprehensive annual report concerning blocked property. This report outlines information related to the property that has been blocked due to sanctions and identifies any transactions that involve such property. The comprehensive nature of this report ensures that all relevant details are included, while adhering to regulatory expectations and providing necessary transparency to federal authorities.

In practice, the comprehensive annual report assists regulatory bodies in monitoring compliance with sanctions laws and also serves as a record of institutions' actions regarding blocked property. This is crucial for demonstrating adherence to the expectations outlined by the Office of Foreign Assets Control (OFAC) and other regulatory entities tasked with enforcing economic sanctions. The specificity and thoroughness of this report are essential for maintaining accountability and ensuring that institutions remain vigilant in their compliance efforts.