FinCEN Eases Enforcement for Venezuela Recovery and Earthquake Relief
FinCEN issued a statement of enforcement policy supporting economic recovery and earthquake relief efforts in Venezuela.
FinCEN signaled discretionary enforcement flexibility for activity tied to Venezuelan economic recovery and earthquake relief. Institutions should recalibrate risk appetite and screening rules for humanitarian and recovery-linked payment flows while preserving core AML/CFT controls.
Alters compliance risk calculus for Venezuela exposure, humanitarian corridors, and correspondent banking flows.
Action Required
Review Venezuela-related transaction monitoring and sanctions controls to align with the revised enforcement posture.
Enforcement policy shifts on a high-risk jurisdiction directly affect sanctions and AML program calibration.
Update Venezuela country risk assessment and sanctions procedures to reflect FinCEN's enforcement discretion for recovery and relief-related activity; document rationale for any policy adjustments.
“FinCEN issued a statement of enforcement policy in support of economic recovery and earthquake relief efforts in Venezuela.”