H.R. 1450 · Passed House · International Affairs

OFAC Licensure for Investigators Act

Sponsor: Joyce Beatty (D-OH)

What it does

• Establish a pilot program allowing OFAC to license private sector firms to conduct nominal financial transactions for sanctions-related investigations.
• Require licensed firms to submit monthly reports to OFAC detailing activities conducted under the license.
• Enable firms to engage in limited financial transactions as part of investigative work without triggering sanctions violations.

Official summary

OFAC Licensure for Investigators Act 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.)

Latest action

Jul 22, 2025: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Committee: Senate Banking, Housing, and Urban Affairs