GL-57

Summary

General License 57 authorizes transactions otherwise prohibited by the Venezuela Sanctions Regulations (31 CFR part 591) that are ordinarily incident and necessary to the provision, exportation, or reexportation of financial services to, from, or for the benefit of four specified Venezuelan state banks, entities they own 50% or more of, and certain Government of Venezuela individuals. It also authorizes related Government of Venezuela transactions necessary to support those financial services activities. The license does not authorize unblocking of blocked property or any transactions otherwise prohibited by the VSR unless separately authorized.

Authorized activities

• Provision, exportation, or reexportation of financial services to/from/for the benefit of Banco Central de Venezuela
• Provision, exportation, or reexportation of financial services to/from/for the benefit of Banco de Venezuela, S.A. Banco Universal
• Provision, exportation, or reexportation of financial services to/from/for the benefit of Banco Digital de los Trabajadores Banco Universal C.A.
• Provision, exportation, or reexportation of financial services to/from/for the benefit of Banco del Tesoro, C.A. Banco Universal
• Provision, exportation, or reexportation of financial services to/from/for the benefit of entities 50% or more owned by the above banks
• Provision of financial services to/from/for the benefit of Government of Venezuela individuals blocked solely pursuant to E.O. 13884 (excluding SDN-listed individuals)
• Maintaining, operating, or closing of accounts
• Loans and transfers of funds
• Banking services and money transfer services
• Collection, presentment, promise, order, and consignment
• Acceptance of deposits
• Insurance and guarantees
• Cash withdrawals and check services
• ACH transfers and wire transfers
• Debit card, prepaid card, and ATM transactions
• Issuance and use of payment cards and digital wallets
• Currency exchange
• U.S. dollar-denominated banking, payment, and correspondent account services
• Services in connection with collection, forwarding, processing, or receipt of funds or remittances
• Services in connection with processing or receipt of salary, pension, annuity, payroll, and other employment-related payments or benefits
• Transfers of funds via mobile money, mobile wallets, digital bank accounts, credit cards, debit cards, online payments, or other digital technology
• Safety, fraud-prevention, screening, authentication, cybersecurity, and security services and technologies
• Investments, securities, and commodity futures or options
• Government of Venezuela transactions necessary for the above financial services activities

Conditions

The license does not authorize: (1) the unblocking of any property blocked pursuant to any part of 31 CFR chapter V; or (2) any transactions otherwise prohibited by the VSR unless separately authorized. Individuals on OFAC's SDN List are excluded from coverage under the Government of Venezuela individual provision. U.S. financial institutions processing authorized transactions may rely on the originator or beneficiary of a funds transfer for compliance purposes, provided the processing institution does not know or have reason to know the transaction is non-compliant. All persons remain subject to the Bank Secrecy Act, USA PATRIOT Act, and FinCEN regulations.