OFAC Licensure for Investigators Act
Sponsored By: Representative Beatty, Joyce [D-OH-3]
Passed House
Summary
OFAC licenses for investigators. The bill would create a pilot program allowing private firms to obtain licenses to conduct nominal financial transactions as part of investigations, require OFAC to coordinate with the Financial Crimes Enforcement Network, and limit the pilot to 5 years.
Show full summary
- Private firms and investigators: Eligible firms could receive licenses to run small, investigatory transactions. Licensed firms must submit detailed monthly reports to OFAC about activities under the license.
- OFAC and FinCEN operations: OFAC must establish and administer the pilot and work with the Financial Crimes Enforcement Network to support the FinCEN Exchange.
- Congressional oversight and reporting: OFAC must report to the House Financial Services and Foreign Affairs committees and the Senate Banking and Foreign Relations committees within 1 year of starting the pilot and annually thereafter, and provide classified briefings with detailed findings and recommendations.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Pilot licenses for investigative transactions
This bill would set up a pilot within 1 year so private sector firms can apply for a license. With a license, firms could make nominal financial transactions to support investigations. OFAC would run the pilot and work with the FinCEN Exchange. Licensed firms would send OFAC detailed monthly reports on their licensed activity. Starting 1 year after the pilot begins and through 1 year after it ends, OFAC would report to Congress each year and give classified briefings. The pilot would end 5 years after it starts.
Sponsors & CoSponsors
Sponsor
Beatty, Joyce [D-OH-3]
OH • D
Cosponsors
Rep. Nunn, Zachary [R-IA-3]
IA • R
Sponsored 2/21/2025
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov