WASHINGTON — NCUA joined with other federal regulators in announcing they will not pursue enforcement actions against supervised financial institutions that provide authorized financial services supporting humanitarian relief and economic recovery efforts in Venezuela following the country’s recent earthquakes, provided those institutions continue to make reasonable efforts to comply with anti-money laundering requirements.
In a joint statement, the staffs of the Federal Reserve, Federal Deposit Insurance Corp., National Credit Union Administration and Office of the Comptroller of the Currency said the policy is intended to support U.S. government efforts to facilitate humanitarian assistance and promote financial stability in Venezuela. The statement reinforces a similar enforcement policy previously announced by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
The agencies said two powerful earthquakes struck off Venezuela’s northern coast on June 24, causing widespread damage in several cities and triggering a humanitarian crisis.
What’s Certain? Uncertainty?
Regulators acknowledged that uncertainty over compliance with the Bank Secrecy Act (BSA), the USA PATRIOT Act and other anti-money laundering laws can discourage financial institutions from processing transactions needed to deliver aid.
Under the policy, the agencies said they will not take supervisory or enforcement action, including citing violations of law, against regulated financial institutions for BSA-related compliance issues arising from the provision of authorized financial services in Venezuela between July 31, 2026, and Jan. 29, 2027.
How to Quality for Relief
To qualify for the relief, institutions must:
- Be in compliance with applicable Bank Secrecy Act compliance program requirements and continue making reasonable efforts to comply with anti-money laundering laws while supporting humanitarian relief and financial stability efforts.
- Have not been the subject of a final enforcement action by FinCEN or their primary federal regulator involving BSA violations during the previous 24 months.
- Continue to comply with all applicable sanctions administered by the Treasury Department’s Office of Foreign Assets Control (OFAC).
The agencies said the policy is intended to ensure that financial institutions acting in good faith to facilitate authorized humanitarian and economic recovery efforts are not penalized for inadvertent compliance issues. The statement noted that the enforcement discretion does not extend to knowing, willful or intentional violations of anti-money laundering laws.
Regulators emphasized that the policy applies only to the specified BSA and anti-money laundering requirements and does not waive or modify any other applicable statutes or regulations.
