US HB1450

Office of Foreign Assets Control (OFAC) must establish a pilot program within 1 year allowing private sector firms to obtain licenses for conducting nominal financial transactions to support their investigations

Licensed firms must submit detailed monthly reports to OFAC on activities conducted under the license, and OFAC must coordinate with the Financial Crimes Enforcement Network (FinCEN) Exchange

OFAC must submit annual reports to Congress on licenses requested and granted, plus provide classified briefings with details on applicants, licensed firms, program operations, and recommendations

Pilot program terminates 5 years after establishment