Notification: Statement of Enforcement Policy in Support of Venezuela’s Economic Recovery and Earthquake Relief Efforts
AI Analysis
On July 31, 2026, the OCC, Federal Reserve, FDIC, and NCUA issued a joint enforcement policy supporting humanitarian relief and financial stability efforts in Venezuela after major earthquakes. The policy matters because it creates a temporary enforcement safe harbor for eligible U.S. financial institutions that provide authorized financial services to persons or entities in Venezuela, reducing BSA-related supervisory risk during the relief period.
Key dates
- 2026-06-24
- Venezuela experienced a pair of strong earthquakes off the northern coast west of Caracas, triggering the humanitarian crisis referenced by the agencies.
- 2026-07-27
- FinCEN issued a substantively similar statement of enforcement policy regarding Venezuela-related financial services.
- 2026-07-31
- The OCC, Federal Reserve, FDIC, and NCUA issued the joint enforcement policy.
- 2026-07-31
- Start of the period during which authorized financial services to persons or entities in Venezuela are covered by the enforcement commitment.
- 2027-01-29 Deadline
- End of the covered period for the joint enforcement commitment.
Suggested considerations
- Compliance teams may wish to confirm whether current Venezuela-related activity falls within the scope of authorized financial services covered by the joint statement.
- Institutions may wish to verify that their BSA compliance program remains current and that ongoing controls reflect reasonable efforts to comply during the relief period.
- Firms may wish to check whether they have had any final FinCEN or OCC enforcement action involving BSA violations in the prior 24 months before relying on the policy.
- Sanctions teams may wish to confirm continued compliance with all applicable OFAC-administered sanctions regulations and authorizations.
- Institutions with Venezuela exposure may wish to document how they will evidence reliance on the policy and monitor the January 29, 2027 end date.
What changed
The agencies stated that eligible U.S. financial institutions that choose to provide authorized financial services to persons or entities in Venezuela will not be subject to supervisory action, including a citation for a violation of law, or enforcement action related to a Bank Secrecy Act requirement, for those services. The commitment is limited to authorized financial services provided from 2026-07-31 through 2027-01-29 and applies only to statutes or regulations specifically addressed in the joint statement. OCC-supervised institutions may rely on the commitment only if they are currently compliant with applicable BSA compliance program requirements, continue reasonable efforts to comply with BSA requirements, have not had a final FinCEN or OCC enforcement action involving BSA violatio
Compliance impact
The immediate impact is moderate but targeted: institutions that qualify gain temporary relief from BSA-related supervisory and enforcement action for Venezuela-related authorized services. The agencies still expect compliance with applicable BSA requirements and OFAC sanctions, and the safe harbor is unavailable to institutions with recent final BSA enforcement actions or inadequate ongoing compl
Who is affected
Related regulations
References
AI-generated analysis. May contain errors or omissions — verify with the original OCC source before acting. Full disclaimer.
What the OCC said
On July 31, 2026, staffs of the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration (collectively, the agencies), issued a statement of enforcement policy in support of U.S…
Extract from OCC . Read the full notice at the source for the authoritative text.