How do i get an ofac license

OFAC regulations often provide general licenses authorizing the performance of certain categories of transactions. OFAC also issues specific licenses on a case-by-case basis under certain limited situations and conditions. Guidance on how to request a specific license is found below and at 31 C. Chapter V and appropriate amendments to that Chapter which have appeared in the Federal Register.

OFAC usually has the authority by means of a specific license to permit a person or entity to engage in a transaction which otherwise would be prohibited.

In some cases, however, legislation may restrict that authority. In some situations, authority to engage in certain transactions is provided by means of a general license. In instances where a general license does not exist, a written request for a specific license must be filed with OFAC.

The request must conform to the procedures set out in the regulations pertaining to the particular sanctions program. Generally, application guidelines and requirements must be strictly followed, and all necessary information must be included in the application in order for OFAC to consider an application. For an explanation about the difference between a general and a specific license as well as answers to other licensing questions, see the licensing questions section.

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Money Laundering. Financial Action Task Force. Protecting Charitable Organizations. Treasury Quarterly Refunding. Interest Rate Statistics. Treasury Securities. Specific license applications are submitted to OFAC and, when granted, permit you to engage in specific activity ies or transaction s that would otherwise violate the OFAC sanctions regime at issue.

In contrast to general licenses, a specific license requires a written application to be submitted to OFAC and may only be used by the person or entity to whom the license was issued and only for the specific purpose s authorized by the specific license.

The issuance of specific licenses allows OFAC to ensure that transactions and activities consistent with U. After you submit the application, OFAC reviews the application, along with the provided supporting information and documents, to determine whether to issue the requested specific license. A specific license application submission to OFAC must include details on the proposed transaction or activity, the names and addresses of all parties involved including customers and middlemen who are involved in the transaction , and any required additional details.

It is also important to include in the submission why the requested activity or transaction is consistent with or not harmful to U. While no official burden of proof exists for a specific license application, it is important that the application be thorough and suitable for the licensing officers who will be reviewing your case.

This means that providing supporting documentation that shows the purpose of the application is vital to a successful submission. Unfortunately, there is no guarantee that your specific license application will be granted. OFAC policies often experience vast shifts, usually due to changing administrations and new-coming executive appointments. Because of this, there is a level of volatility when applying for a specific license.