The Donald Trump administration lifted sanctions on the Central Bank of Venezuela, as well as other banks in the country, through General License No. 57, issued by the Office of Foreign Assets Control (OFAC).

The measure, announced on Tuesday, April 14, “allows the reactivation of a wide range of financial services with the Central Bank of Venezuela and public banks, from transfers and dollar accounts to digital payments, remittances, and stock market operations.”

The Trump Administration’s authorization includes the Central Bank of Venezuela, as well as the Bank of Venezuela, the Digital Workers’ Bank, and the Treasury Bank.

 

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Among the financial services that the OFAC license will permit are:

• Comprehensive management of accounts and basic banking services: account maintenance, operation, and closure; loans, transfers, and fund transfers, as well as general banking services.
• Traditional financial operations: these include money transfers; collection, presentation, promise, order, and consignment of payments; acceptance of deposits; issuance of insurance and guarantees. Also included are cash withdrawals; check services; ACH transfers and international electronic transfers.
• Digital operations: with debit cards, prepaid cards, and ATMs; issuance and use of payment cards and digital wallets; as well as other instruments defined within international payment standards.
• Foreign exchange and correspondent banking: foreign exchange is authorized; banking, payment, and correspondent account services denominated in US dollars. Also included are services associated with sending, processing, collecting, and receiving funds or remittances.
• Employee payments and benefits: This refers to the processing and receipt of salaries, pensions, annuities, payroll, and other employee payments or benefits.
• Transfers via digital technology: This includes sending funds via mobile money, mobile wallets, digital bank accounts, credit and debit cards, online payments, and other electronic platforms.
• Security and financial technology: This anticipates the implementation and operation of services related to fraud prevention, verification, authentication, cybersecurity, and transaction protection by the Central Bank of Venezuela and public banks.
• Securities market and financial instruments: This includes investments and transactions with securities, as well as operations with futures or options on commodities, which could facilitate issuances in foreign currency.

M.Pino

Source: elestimulo

(Reference image source: file)

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