The Financial Crimes Enforcement Network (FinCEN) has issued a new enforcement policy statement to support U.S. Government efforts in facilitating Venezuela's economic recovery and financial stability. This includes humanitarian relief and reconstruction following recent earthquakes in the country. The policy, issued on July 27, 2026, was developed in consultation with the Internal Revenue Service and other federal financial regulatory agencies.
FinCEN commits to not taking supervisory or enforcement action against U.S. financial institutions for violations of Bank Secrecy Act (BSA) Requirements when providing authorized financial services in Venezuela. This commitment aligns with Treasury's Office of Foreign Assets Control (OFAC) General Licenses 60 and 57, which support economic recovery and relief efforts. The policy applies to financial services provided from July 27, 2026, through January 29, 2027.
To rely on this commitment, financial institutions must maintain an applicable BSA compliance program and make reasonable efforts to comply with BSA Requirements, considering the rapid relief goals. They must also not have faced a final enforcement action for BSA violations within the prior 24 months and remain compliant with OFAC-administered sanctions. This policy aims to ensure institutions exercising reasonable care are not penalized, except for knowing, willful, or intentional BSA violations.