FinCEN issues Statement of Enforcement Policy in support of Venezuela's economic recovery efforts

FinCEN issued a Statement of Enforcement Policy, developed in consultation with the IRS and the federal banking Agencies, committing to forbear from supervisory or enforcement action against U.S. financial institutions for BSA Requirement violations arising from authorized financial services provided to persons or entities in Venezuela, in support of economic recovery and earthquake relief efforts under OFAC's GL 60 and GL 57. The commitment runs from July 27, 2026, through January 29, 2027, and is available to institutions that remain in current BSA compliance, have not faced a BSA-related enforcement action in the prior 24 months, and stay compliant with applicable OFAC sanctions, covering non-willful violations only.