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Frequently Asked Questions

Basic Information on OFAC and Sanctions

910. What are the due diligence expectations of U.S. financial institutions associated with processing fund transfers or trade finance transactions that are authorized by Iran General License (GL) N-1, Syria GL 21A, and Venezuela GL 39A?

U.S. financial institutions are authorized to process transfers of funds or engage in trade finance transactions ordinarily incident and necessary to give effect to the transactions and activities authorized by Iran GL N-1, Syria GL 21A, and Venezuela GL 39A.  

Such financial institutions may rely on the originator of the funds transfer with regard to compliance with Iran GL N-1, Syria GL 21A, and Venezuela GL 39A, provided that the financial institution does not know or have reason to know that the funds transfer is not in compliance with such GLs. 

Updated: June 10, 2022

June 17, 2021