IMPORTANT OFAC UPDATE — PERSONAL AND FAMILY REMITTANCES INVOLVING IRAN

Posted by: Zaher Fallahi

Posted On: Sep 07, 2026

Effective August 24, 2026, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) indefinitely suspended 31 C.F.R. § 560.550, the general license that previously authorized certain noncommercial personal remittances to or from Iran.

What Does This Mean?

As a result of this change, persons contemplating transactions that previously relied upon § 560.550 should determine whether the proposed transaction is authorized under another applicable exemption or general license.

Where no other authorization applies, a specific license from OFAC may be required before proceeding with the transaction.

OFAC has advised that persons may apply for a specific license for transactions involving activities that were previously authorized under § 560.550. Specific-license applications are considered by OFAC on a case-by-case basis, and the time required for a final decision will depend upon the particular circumstances.

Not All Iran-Related Transactions Are Treated the Same

The suspension of § 560.550 does not mean that every transfer of money or property involving Iran is prohibited. The Iranian Transactions and Sanctions Regulations contain other exemptions and general licenses, and OFAC may also authorize particular transactions through specific licenses.

Transactions involving inheritances, gifts, family remittances, property acquired before a person became subject to U.S. sanctions laws, sales or transfers of property, and other Iran-related assets may be governed by different provisions of the Iranian Transactions and Sanctions Regulations.

Accordingly, the particular facts and applicable OFAC regulations should be reviewed before funds or property are transferred or a transaction is completed.

OFAC Specific License Applications

Where a proposed transaction is not otherwise exempt or authorized by an applicable general license, it may be appropriate to seek a specific license from OFAC.

Our office assists U.S. persons with analyzing transactions involving Iran under the Iranian Transactions and Sanctions Regulations, determining whether an exemption or general license may apply, and, where appropriate, preparing and submitting applications for specific licenses to OFAC.

Regulatory Update: August 24, 2026

This information is provided for general informational purposes only and does not constitute legal advice. U.S. economic sanctions laws and regulations are complex and subject to change. Each transaction should be evaluated based upon its particular facts and circumstances.

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Amir Baradaran Rafii

5 months ago

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1 year ago

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1 year ago

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1 year ago

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1 year ago

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1 year ago

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Response from the owner:Dear Babak: Thank you so much for your kind words and thoughtful review! I'm truly grateful for the opportunity to assist you with your tax and legal matters. It's always my goal to provide clear, comprehensive guidance, and I'm glad to hear that you found the dual perspective as both a lawyer and CPA helpful. Your trust means a lot, and I look forward to continuing to support you whenever you need. Warm regards, Zaher Fallahi, Attorney At Law, CPA and Team

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1 year ago

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Infinity Air

1 year ago

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Response from the owner:Thank you so much for your kind words! It was an honor meeting you yesterday, and I’m really glad I could assist. Please don’t hesitate to reach out if you have any further questions or need support down the line. Wishing you all the best! Warm regards, Zaher

Ali G.

1 year ago

I approached Mr. Fallahi seeking legal advice and guidance concerning the sale of property I had inherited overseas through a life estate. I wanted to make sure that the sale of my property, along with the transfer of the proceeds to the United States would be in total conformity with Office of Foreign Assets Control (OFAC), US Laws of Sanction, US Tax Laws, and US Banking Laws and Procedures.. I quickly found Mr. Fallahi to be a very gracious, friendly, approachable, knowledgeable, and dedicated attorney. Not only would Mr. Fallahi ask dozens of relevant questions to familiarize himself with the intricacies of your unique situation, he would also go to great lengths to thoroughly and clearly explain the entire process, so that you would have total clarity in every step of the way. Mr. Fallahi’s expert knowledge did provide me with great peace of mind in this undertaking. He does not offer “one size fits all” solutions or advice. He makes sure that his legal guidance is tailored to your unique situation. While Mr. Fallahi offers a wide array of legal and tax services, he would only offer those services he believes would be necessary and beneficial to your individual case, thus avoiding unnecessary cost to you. Thanks to Mr. Fallahi, my transaction went smoothly and without any headaches. Navigating the complex world of OFAC, banking, and tax regulations and implications related to the personal remittance of a foreign asset is by no means a simple task. It requires expert advice and guidance; and I am very grateful to Mr. Fallahi for his caring, professionalism, insight, and sound legal advice.

Response from the owner:Dear Captain Ali: Thank you so much for your thoughtful and generous review. It was truly a pleasure assisting you with your legal and tax matters involving sale of your international property and compliance with the U.S. Treasury’s Office of Foreign Assets Control (OFAC) Regulations and U.S. International Tax Laws. I’m glad to hear that our guidance helped bring you peace of mind throughout what can indeed be a complex process. Your kind words about my approach and professionalism mean a great deal to me. I’m always committed to providing tailored, clear, and practical legal advice, and I’m grateful for the trust you placed in Zaher Fallahi, Attorney At Law, CPA. Wishing you continued success and all the best in your future endeavors and flights, Captain. Warm regards, Zaher Falahi, Attorney At Law, CPA, and Team

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1 year ago

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1 year ago

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2 years ago

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Response from the owner:Wow—has it really been 14 years? It’s truly been an honor to serve you over the years. My associates and I deeply appreciate your continued trust in us, both for tax and legal matters. Thank you for your kind words and for taking the time to share your experience. Warm regards, Zaher Fallahi, Tax Attorney, CPA