OFAC Licensure for Investigators Act

# OFAC Licensure for Investigators Act Summary **What the bill does:** This bill would require the Treasury Department's Office of Foreign Assets Control (OFAC) to create a pilot program allowing private companies to obtain licenses to conduct small financial transactions as part of investigating potential violations of U.S. sanctions laws. Currently, companies must report suspicious activity to OFAC, but this bill would give licensed firms more direct investigative authority. Licensed companies would need to submit monthly reports to OFAC detailing their activities under the license. **Who it affects:** The bill primarily affects private sector compliance firms, financial institutions, and companies that investigate potential violations of U.S.

sanctions—particularly those checking whether their organizations are inadvertently doing business with sanctioned entities or individuals. It also affects OFAC and the Treasury Department, which would need to establish and oversee the licensing program. **Current status:** The bill passed the House of Representatives and is now awaiting Senate action. It was sponsored by Rep. Joyce Beatty (D-OH) and deals with financial crime enforcement and regulatory oversight.