OFAC Licensure for Investigators Act

The OFAC Licensure for Investigators Act would require the Director of the Office of Foreign Assets Control (OFAC) to create a 5-year pilot program allowing private sector firms to obtain licenses to conduct nominal financial transactions in connection with their investigations. The program would be coordinated with the Financial Crimes Enforcement Network (FinCEN) and FinCEN Exchange, and licensed firms would must provide detailed monthly reports to OFAC. OFAC would also issue annual (and post-termination) congressional reports with license and program information, accompanied by classified briefings for certain congressional committees. The bill is framed as a way to enable private investigators to carry out certain sensitive activities while ensuring ongoing oversight of the program. In short, if enacted, the bill would create a time-limited, OFAC-administered framework for private-sector investigators to perform small-value financial transactions under license, with structured reporting to Congress and coordination with FinCEN to support anti-money-laundering and sanctions enforcement efforts.