HR 6370 RFS
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘OFAC Licensure for 
Investigators Act’’. 
SEC. 2. SENDING AND RECEIVING OF NOMINAL AMOUNTS. 
(a) IN GENERAL.—The Director of the Office of For-
eign Assets Control shall, not later than 1 year after the 
date of the enactment of this section, establish a pilot pro-
gram under which a private sector firm may receive a li-
cense to conduct nominal financial transactions in further-
ance of the firm’s investigations. 
(b) COORDINATION.—When establishing and carrying 
out the pilot program required under subsection (a), the 
Director of the Office of Foreign Assets Control shall co-
ordinate with the Director of the Financial Crimes En-
forcement Network for the purposes of supporting activi-
ties of the Financial Crimes Enforcement Network Ex-
change, as described in section 310(d) of title 31 of the 
United States Code. 
(c) REPORTING ON ACTIVITIES.—Each private sector 
firm that receives a license described under subsection (a) 
shall submit a detailed monthly report to the Director of 
the Office of Foreign Assets Control on the activities of 
the firm conducted under such license. 
(d) REPORT TO CONGRESS.— 
(1) IN GENERAL.—On the date that is 1 year 
after the date on which the pilot program is estab-
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lished under this section, and annually thereafter 
until the end of the 1-year period beginning on the 
date the pilot program is terminated, the Director of 
the Office of Foreign Assets Control shall submit a 
report to the Committees on Financial Services and 
Foreign Affairs of the House of Representatives and 
the Committees on Banking, Housing, and Urban 
Affairs and Foreign Relations of the Senate con-
taining— 
(A) the number of licenses requested under 
the pilot program; 
(B) the number of licenses granted under 
the pilot program; and 
(C) a broad discussion of the utility of the 
pilot program. 
(2) CLASSIFIED
BRIEFING.—After submission 
of each report required under paragraph (1), the Di-
rector of the Office of Foreign Assets Control shall 
provide the Committees on Financial Services and 
Foreign Affairs of the House of Representatives and 
the Committees on Banking, Housing, and Urban 
Affairs and Foreign Relations of the Senate with a 
classified briefing containing— 
(A) additional detail on the applicants for 
a license under the pilot program; 
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(B) identification of the firms granted a li-
cense; 
(C) information on the operation of the 
pilot program, including how long each license 
lasted and the personnel needed to manage the 
pilot program; 
(D) information gleaned by the Office of 
Foreign Assets Control from running the pilot 
program; 
(E) the utility of that information; 
(F) any obstacles to the operation or util-
ity of the pilot program; and 
(G) any recommendations for improving or 
extending the pilot program. 
(e) TERMINATION.—The pilot program established by 
the Director of the Office of Foreign Assets Control under 
subsection (a) shall terminate on the date that is 5 years 
after the date on which the Director of the Office of For-
eign Assets Control establishes such program. 
Passed the House of Representatives January 12, 
2024. 
Attest: 
KEVIN F. MCCUMBER, 
Clerk. 
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