FinCEN Grants Banks Temporary Immunity for Venezuela Services
US regulators will not penalize banks for specific compliance lapses when serving Venezuela under new licenses.
Key points
- FinCEN will not penalize banks for certain compliance errors in Venezuela until Jan 29, 2027.
- The policy applies only to services authorized under OFAC General Licenses 57 and 60.
- Banks must have no recent enforcement actions and must maintain full compliance programs.
The US Treasury announced a new policy on July 26, 2026. It allows banks to serve clients in Venezuela. They will not face penalties for certain errors. This applies to work done under specific government licenses.
The Financial Crimes Enforcement Network issued this statement. It runs until January 29, 2027. The goal is to support economic recovery. It also aids earthquake relief efforts in the region.
Narrow scope of the new policy
This move is not a full exemption. Banks must still follow all anti-money laundering rules. They must keep records and check customers. The requirements remain fully in place for all institutions.
However, the agency will not punish honest mistakes. This applies to specific violations during the authorized period. The protection is temporary and conditional. It only covers good-faith efforts to comply.
Conditions for receiving the protection
Banks must meet strict criteria to qualify. They cannot have recent enforcement actions. No final penalties can exist in the last 24 months. They must also follow all sanctions regulations strictly.
The policy does not protect intentional violations. Knowingly breaking the law is still punishable. Banks must show reasonable effort in their compliance programs. They must maintain robust internal controls and screening.
Reducing uncertainty for financial institutions
Sanctions relief often leaves banks cautious. They fear regulatory risks from separate agencies. This statement addresses that specific concern. It provides clarity on enforcement during the transition.
According to the Charity & Security Network, this is significant. It acknowledges the difficulty of adjusting to new rules. It protects institutions acting in good faith. It helps support Venezuela’s economic recovery efforts.
