The Financial Crimes Enforcement Network will not take any supervisory or legal actions against U.S. financial institutions for providing authorized financial services in Venezuela to help the country recover from recent earthquakes, the agency announced today.
Last month, two earthquakes struck the country, killing more than 5,000 people and causing billions of dollars in damage. Venezuela is subject to strict sanctions imposed by the U.S., but the Office of Foreign Assets Control recently issued multiple sanctions-related authorizations intended to support economic recovery in the country. FinCEN’s enforcement statement on Bank Secrecy Act compliance and Venezuela was issued after consulting with the IRS and banking agencies, it said.
All financial institutions subject to the BSA may rely on FinCEN’s commitment as long as they are currently in compliance with the law, have not been subject to a final BSA enforcement action in the past two years, and remain compliant with any applicable OFAC-administered sanctions regulations and authorizations, the agency said.
“This commitment is intended to recognize that financial institutions exercising reasonable care to avoid violations of applicable BSA requirements in support of Venezuela’s economic recovery and earthquake relief efforts are not penalized for actions other than for knowing, willful or intentional violations of any BSA Requirements,” FinCEN said.
