OFAC Issues Two New Iran General Licenses (GL AA and GL BB)
OFAC has formally published two new Iran-related General Licenses — GL AA and GL BB — in the Federal Register, having previously made them available on its website. General Licenses carve out specific categories of otherwise-prohibited transactions, so compliance teams need to understand exactly what activity each GL authorizes and whether any of their customers or counterparties may rely on these licenses. Failure to correctly apply or scope a GL can result in unauthorized Iran-related transactions.
What to do
- Obtain and review the full text of Iran General Licenses AA and BB from OFAC's website, assess whether any existing or prospective customer activity falls within their scope, update your sanctions compliance policies and procedures accordingly, and brief your compliance and operations teams on permissible versus prohibited activity under these GLs.
Who this affects
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Source
Read the official publicationThis radar entry is educational and does not constitute legal advice. Summaries are AI-assisted and grounded in the linked official source; always verify against the primary source and consult qualified legal counsel for jurisdiction-specific guidance.