OFAC Licensure for Investigators Act

OFAC Licensure for Investigators Act

This bill requires the Office of Foreign Assets Control (OFAC) to authorize eligible private sector firms to conduct nominal financial transactions as part of the firm's sanctions-related investigations.

Specifically, OFAC must establish a pilot program to provide licenses allowing firms to conduct such transactions. A firm that receives a license must submit monthly reports to OFAC on activities conducted under the license.

(OFAC, within the Department of the Treasury, is one of the primary agencies responsible for enforcing economic sanctions. OFAC requires firms to take various actions, such as ensuring that they are not engaging in transactions with entities subject to U.S. sanctions. A firm may also provide voluntary self-disclosures to OFAC with information from a firm's investigation of suspicious activities.)