To require the Office of Foreign Assets Control to develop a program under which private sector firms may receive a license to conduct nominal financial transactions in furtherance of the firms’ investigations, and for other purposes.
Summary
What This Bill Does
Requires OFAC to develop a pilot program allowing private-sector firms to obtain licenses for nominal financial transactions conducted as part of investigations into sanctions violations, money laundering, and related financial crimes.
Who Benefits and How
Private investigative and compliance firms could gain legal authority to use limited transactions to investigate sanctions evasion and financial crime, potentially improving intelligence available to regulators and law enforcement.
Who Bears the Burden and How
OFAC must design and administer the licensing pilot, and the government assumes some oversight risk in allowing otherwise restricted nominal transactions under license.
Key Provisions
- Creates a pilot program for OFAC licensing of nominal investigative transactions.
- Applies to investigations of sanctions violations, money laundering, and related financial crimes.
- Authorizes private-sector firms to participate under license conditions.
- Uses a controlled licensing mechanism rather than broad deregulation of sanctions rules.
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers.
At a Glance
What This Bill Does
Requires OFAC to develop a pilot program allowing private-sector firms to obtain licenses for nominal financial transactions conducted as part of investigations into sanctions violations, money laundering, and related financial crimes.
Key Policy Areas
Financial Services, National Security, Law Enforcement
Primary Purpose
Requires OFAC to develop a pilot program allowing private-sector firms to obtain licenses for nominal financial transactions conducted as part of investigations into sanctions violations, money laundering, and related financial crimes.
Policy Domains
Main Provisions
Identified Gains
Contextual inference, no direct clause citation- Private investigative and compliance firms and agencies receiving better sanctions-evasion intelligence
Contextual inference, no direct clause citation
Identified Costs
Contextual inference, no direct clause citation- OFAC administrators responsible for licensing, oversight, and risk management under the pilot program
Contextual inference, no direct clause citation
Sponsors
Joyce Beatty
D-OH | Primary Sponsor
Legislative Progress
Passed HouseReceived; read twice and referred to the Committee on Banking, …
Passed House (inferred from eh version)
Reported from the Committee on Financial Services
Committee on Foreign Affairs discharged; committed to the Committee of …
Mrs. Beatty (for herself and Mr. Nunn of Iowa) introduced …
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Licensed private sector firms, Private investigation firms conducting financial crime investigations
Positive-direction: Private investigation firms conducting financial crime investigations
Negative-direction: Licensed private sector firms
Financial Crimes Enforcement Network (FinCEN), Office of Foreign Assets Control
Compliance consulting firms and financial forensics companies
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology