On July 27, 2026, FinCEN issued a statement of enforcement policy in support of economic recovery and earthquake relief efforts in Venezuela. The statement was made in consultation with the Internal Revenue Service, Federal Reserve, FDIC, NCUA, and OCC.
FinCEN recognizes that, in supporting Venezuela’s economic recovery and earthquake relief efforts, U.S. financial institutions may encounter challenges ensuring compliance with BSA Requirements. The OFAC has already issued multiple sanctions-related authorizations intended to support economic recovery and earthquake relief efforts in Venezuela (GL 60 and GL 57). Consistent with these, FinCEN committed not to take any supervisory action, including citing a violation of law, or pursue any enforcement action against any U.S. financial institution related to BSA Requirements as a result of providing authorized financial services in Venezuela. This commitment shall apply from July 27, 2026 through January 29, 2027.
FinCEN stated that financial institutions may rely on this commitment if they maintain a compliant BSA program, continue making reasonable efforts to meet BSA requirements, and comply with applicable OFAC sanctions. They also must not have been subject to a final BSA-related enforcement action by FinCEN or their primary federal regulator within the previous 24 months.
The full statement can be found here.