Sanctions Wind Down for ICC Persons
Summary
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing a general license (GL) issued pursuant to the International Criminal Court-Related Sanctions Regulations: GL 1.
Compliance Requirements
- #1
All transactions prohibited by Executive Order (E.O.) 14203 that are ordinarily incident and necessary to the wind down of any transaction involving one or more of the following blocked persons are authorized through 12:01 a.m. eastern daylight time, July 8, 2025, provided that any payment to a blocked person is made into a blocked interest-bearing account located in the United States:; This general license does not authorize any transactions otherwise prohibited by E.O. 14203, including transactions involving any person blocked pursuant to E.O. 14203 other than the blocked persons described in paragraph (a) of this general license, unless separately authorized.
Deadline: 2025-07-08(July 8, 2025, 12:01 a.m. eastern daylight time)
Market Impacts
Authorization for the wind down of transactions involving certain persons blocked by Executive Order 14203, with specific conditions.
Validated Company Impacts
BANCFIRST CORP /OK/
BancFirst operates as a commercial bank primarily serving Oklahoma markets with no indication of international operations or transactions involving the specific blocked persons identified in this OFAC general license. The rule targets wind-down transactions with specific International Criminal Court-related blocked entities, which has no apparent relevance to a regional commercial banking operation focused on domestic services. The company explicitly identifies OFAC Sanctions Compliance as a top regulatory risk, directly aligning with this OFAC general license rule. The rule's focus on authorized wind-down transactions involving blocked persons matches the company's concern about financial, legal, and reputational damages from sanctions violations.