OFAC suspends the Iran general license for personal remittances
OFAC has stayed five Iran general licenses, including the one for noncommercial personal remittances, effective 24 August 2026, with a wind-down license that runs to 8 September. It also named five more sectors of Iran's economy under Executive Order 13902.
The Iranian Transactions and Sanctions Regulations have included a general license for noncommercial, personal remittances to or from Iran. That authorization is now suspended. In a final rule published on 26 August 2026 (91 FR 54957), the Office of Foreign Assets Control stayed it, along with four other Iran general licenses, effective 24 August 2026.
OFAC tied the change to "changes in the foreign policy of the United States towards Iran."
What was stayed
The rule says that "31 CFR 560.544, 560.550, and 560.554 are stayed indefinitely," along with Iran General Licenses F and G. In plain terms, these covered:
| Authorization | What it allowed |
|---|---|
| 31 CFR 560.544 | Certain educational activities by U.S. persons in third countries |
| 31 CFR 560.550 | Certain noncommercial, personal remittances to or from Iran |
| 31 CFR 560.554 | Services related to conferences |
| General License F | Professional and amateur sports activities and exchanges |
| General License G | Certain academic exchanges and educational services |
Transactions under these authorizations "are no longer authorized by OFAC as of August 24, 2026." The rule itself gives no wind-down period.
The wind-down license
A wind-down came separately. On 24 August OFAC also issued General License BB on its website, and it was published in the Federal Register on 27 August (91 FR 55265). GL BB authorizes transactions needed to wind down activity that was previously authorized under the five suspended licenses. It runs "through 12.01 a.m. eastern daylight time, September 8, 2026." Any payment to a blocked person under it must go into a "blocked interest-bearing account located in the United States."
Five new sectors under Executive Order 13902
On the same day OFAC made a determination under Executive Order 13902, the 2020 order on additional sectors of Iran's economy. The determination names the "aviation, digital asset, gold, shipping, and technology sectors of the Iranian economy," took effect on 24 August 2026, and says "Any person determined to operate in these sectors shall be subject to sanctions."
What it could mean
Our guess is that most community banks and credit unions never processed a remittance under § 560.550. A few probably did, for customers or members sending money to family. For those institutions this is a real change with a short clock. GL BB ends on 8 September, which is under two weeks away as we write.
We'd start by checking your wire and international ACH screening rules to see whether anything was configured to let Iran-related personal remittances through on the strength of § 560.550. If it was, that setting is now wrong. Then look for recurring transfers or standing instructions that relied on the license and decide, with counsel, what can be finished under GL BB before it expires. And tell frontline staff, because the first sign of this change is likely to be a customer at the counter asking why a transfer that went through in July is being refused.
The sector determination is less likely to touch a small institution directly. Gold and digital assets are the two we'd keep an eye on. If you have customers who deal in precious metals or hold digital asset accounts with foreign exposure, the determination is a reason to refresh the risk rating on those relationships, since a counterparty determined to operate in those sectors would be subject to sanctions.
Sanctions changes like these arrive with no comment period and sometimes with no wind-down at all. If your process for absorbing them depends on one person reading the Federal Register, this is a good test of how quickly that process actually works.