OFAC Suspends Five Iran General Licenses Amid U.S. Policy Shift
OFAC has indefinitely suspended five general licenses under the Iranian Transactions and Sanctions Regulations, reflecting a change in U.S. foreign policy toward Iran. Compliance officers must immediately review any transactions or relationships that relied on those now-suspended licenses, as activity previously authorized may now be prohibited. Failure to update screening controls and customer communications promptly could expose firms to sanctions violations.
What to do
- Identify all transaction types and customer relationships that relied on the five suspended Iran general licenses, halt any activity that depended on them, update your sanctions screening rules accordingly, and notify affected customers of the change.
Who this affects
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Source
Read the official publicationThis radar entry is educational and does not constitute legal advice. Summaries are AI-assisted and grounded in the linked official source; always verify against the primary source and consult qualified legal counsel for jurisdiction-specific guidance.