FinCEN announces temporary protection for U.S. banks operating with Venezuela post-earthquakes

The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) has issued a temporary policy to ease enforcement actions against U.S. financial institutions involved in authorized transactions with Venezuela. This measure is intended to support economic recovery and humanitarian aid efforts in the wake of recent earthquakes.

The policy, which runs from July 27, 2026, to January 29, 2027, states that FinCEN will not initiate compliance actions or cite potential violations against U.S. financial entities participating in authorized Venezuelan operations. This applies as long as these institutions maintain their control mechanisms and adhere to existing regulations.

FinCEN explained that the decision aims to support U.S. government policies focused on facilitating Venezuela's economic recovery and addressing the emergency caused by the recent earthquakes. The agency committed to refraining from supervisory actions related to Bank Secrecy Act (BSA) requirements for financial services provided in Venezuela under specific authorizations.

This temporary relief is linked to authorizations issued by the Office of Foreign Assets Control (OFAC), including General Licenses 57 and 60, which permit certain activities related to economic recovery and post-seismic emergency assistance. However, FinCEN clarified that this policy does not lift U.S. sanctions against Venezuela or alter existing restrictions.

Financial institutions utilizing this protection must continue to comply with OFAC authorizations and maintain effective programs to prevent financial crimes. The policy is designed for good-faith actors taking reasonable measures to meet regulatory obligations, not for intentional or deliberate violations of U.S. rules.