OFAC Publishes General License 2 for Wind-Down of CCU Bank Transactions
The license, issued June 23, 2026, authorizes wind-down transactions involving CCU Commercial Bank Plc through 12:01 a.m. EDT July 23, 2026.
The Office of Foreign Assets Control (OFAC) has published General License 2 (GL 2) under the Transnational Criminal Organizations Sanctions Regulations, 31 CFR part 590. GL 2 was issued on June 23, 2026 and is now available on OFAC's website.
GL 2 authorizes, except as limited in paragraph (b), all transactions prohibited by the regulations that are "ordinarily incident and necessary to the wind down of any transaction" involving CCU Commercial Bank Plc or any entity in which CCU Bank owns, directly or indirectly, a 50 percent or greater interest. The authorization is effective through 12:01 a.m. eastern daylight time, July 23, 2026, provided any payment to a blocked person is made into a blocked account in accordance with the regulations.
Paragraph (b) clarifies that the license does not authorize any other transactions prohibited by the regulations, including those involving any blocked person not described in paragraph (a), unless a separate authorization is issued.
The notice appears in the Federal Register, Volume 91, Number 188 (Wednesday, September 30, 2026), pages 61763-61764, FR Doc No: 2026-20011. For further information, contact the OFAC Assistant Director for Regulatory Affairs at 202-622-4855 or via https://ofac.treasury.gov/contact-ofac.
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