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The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today announced a $178,421 settlement with American Life Insurance Company (ALICO), a subsidiary of MetLife, Inc. ALICO agreed to settle its potential civil liability for 2,331 apparent violations of OFAC sanctions on Iran. The apparent violations related to insurance policies provided to entities in the United Arab Emirates that were owned or controlled by the Government of Iran. The settlement amount reflects OFAC's determination that the apparent violations were voluntarily self-disclosed and were not egregious. For more information, please see the following Enforcement Release.

OFAC has updated its SDN List. Please visit the URL below to view this action

The Department of the Treasury's Office of Foreign Assets Control (OFAC) is amending several Frequently Asked Questions (FAQs) today (61, 62, 63, 64, 65, 68, 69, 102, 103, and 104) as part of its ongoing process of reviewing published guidance to ensure information remains current. This batch includes review of OFAC’s FAQ Topic Page, Compliance for the Insurance Industry. OFAC is also publishing two new insurance-related FAQs (FAQ 1199 and FAQ 1200).

The Department of the Treasury's Office of Foreign Assets Control (OFAC) is amending the Burma Sanctions Regulations, 31 CFR part 525, to further implement E.O. 14014 and reissuing them in their entirety. This regulatory amendment is currently available for public inspection with the Federal Register and will take effect upon publication in the Federal Register on November 13, 2024. In addition, the following changes have been made to OFAC's list of Specially Designated Nationals:

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has created a user survey to gather your feedback. We value your experience on the OFAC website and want to ensure we are meeting your needs. To help us develop robust, customer-centric solutions, we invite you to complete a brief satisfaction survey. Your input will significantly contribute to enhancing sanctions guidance, resource accessibility, and user experience. It should only take a few minutes. Act now! The survey will close on December 30, 2024.

The Department of the Treasury's Office of Foreign Assets Control (OFAC) has issued Venezuela General License 5Q, "Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After March 7, 2025," and Venezuela General License 8O, "Authorizing Transactions Involving Petróleos de Venezuela, S.A. (PdVSA) Necessary for the Limited Maintenance of Essential Operations in Venezuela or the Wind Down of Operations in Venezuela for Certain Entities." Additionally, OFAC has amended one Venezuela-related Frequently Asked Question (FAQ 595).

The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing Balkans-related General License (No. 5A), "Authorizing Certain Transactions Involving Pumps Manufactured or Distributed by Kaldera Company EL PGP d.o.o. or Elpring d.o.o. Laktasi for the Treatment or Distribution of Drinking Water." In addition, the following changes have been made to OFAC's list of Specially Designated Nationals:

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing an OFAC Compliance Communiqué: Sanctions Compliance Guidance for the Maritime Shipping Industry to aid maritime sector stakeholders in identifying certain new or common fact patterns that may be indicative of sanctions evasion, addressing common counterparty due diligence issues, and implementing best practices to promote sanctions compliance. Additionally, OFAC has updated its Specially Designated Nationals and Blocked Persons List.

The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing Russia-related General License 8K, "Authorizing Transactions Related to Energy," Russia-related General License 25G, "Authorizing Transactions Related to Telecommunications and Certain Internet-Based Communications," Russia-related General License 110, "Authorizing the Wind Down of Transactions Involving Certain Entities Blocked on October 30, 2024," Russia-related General License 111, "Authorizing Certain Transactions Related to Debt or Equity of, or Derivative Contracts Involving, Certain Entities Blocked on October 30, 2024," and Russia-related General License 112, "Authorizing Civil Aviation Safety and Wind Down Transactions Involving Shaurya Aeronautics Private Limited." Additionally, OFAC has issued one new and two amended, Russia-related Frequently Asked Questions (FAQ 976, FAQ 1040, and FAQ 1198). Lastly, the following additions, removals, and changes have been made to OFAC's list of Specially Designated Nationals and OFAC's Sectoral Sanctions Identifications List: