GL-16C

Summary

General License 16C authorizes U.S. persons to maintain, operate, or close accounts at Banco de Venezuela, Banco Bicentenario del Pueblo, and Banco del Tesoro, notwithstanding prohibitions under E.O. 13850, E.O. 13857, and E.O. 13884 as incorporated into the Venezuela Sanctions Regulations. It also authorizes the processing of noncommercial, personal remittances involving those banks as well as Banco Central de Venezuela. Noncommercial personal remittances explicitly exclude charitable donations to entities and funds transfers for business purposes. U.S. financial institutions may rely on the originator of a funds transfer for compliance purposes, provided they have no reason to know the transfer is non-compliant.

Authorized activities

• Maintaining, operating, or closing accounts of U.S. persons in Banco de Venezuela, Banco Bicentenario del Pueblo, or Banco del Tesoro
• Processing noncommercial, personal remittances involving Banco de Venezuela, Banco Bicentenario del Pueblo, Banco del Tesoro, or Banco Central de Venezuela
• U.S. financial institutions relying on the originator of a funds transfer for compliance with paragraphs (a) or (b)

Conditions

The license does not authorize: (1) any transactions or activities with BANDES or Bandes Uruguay; (2) the unblocking of any property blocked pursuant to the VSR or any other part of 31 C.F.R. chapter V, except as authorized by paragraphs (a) or (b); (3) any transactions or activities otherwise prohibited by the VSR or any other part of 31 C.F.R. chapter V, or with any blocked person other than those identified in paragraphs (a) or (b). Noncommercial personal remittances do not include charitable donations to entities or funds transfers for business use. U.S. financial institutions may rely on the originator of a funds transfer for compliance only if they do not know or have reason to know the transfer is non-compliant.