OFAC issued FAQ 1247, a new Venezuela-related frequently asked question document. The FAQ provides interpretive guidance on compliance with Venezuela sanctions, addressing questions about the scope of prohibited transactions, dealings with sanctioned parties, and licensing considerations. This is part of OFAC's ongoing effort to provide clarity on Venezuela sanctions implementation.

Compliance teams handling Venezuela-related transactions should review FAQ 1247 and assess whether existing compliance procedures align with OFAC's guidance. While FAQs are non-binding, they reflect OFAC's interpretive positions and may be referenced in enforcement actions. Entities should update internal policies if any gaps are identified relative to the FAQ guidance.