OFAC Licensure for Investigators Act
Click any stage to learn more about the legislative process.
Topic: International Affairs
Sponsor: Rep. Beatty, Joyce [D-OH-3] (D) - OH
Summary
This bill requires the Office of Foreign Assets Control (OFAC) to establish a pilot program to license eligible private sector firms to conduct nominal financial transactions as part of the firm's sanctions-related investigations.
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.)
Legislative Subjects
Congressional oversight; Financial services and investments; Fraud offenses and financial crimes; International Affairs; Licensing and registrations
Latest Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2025-07-22
Ask about this bill
Ask questions about this bill. The AI can look up referenced laws and statutes to provide context.
What existing laws does this bill amend?
What are the main provisions of this bill?
Who would be affected by this legislation?