Yes. All Syrian financial institutions, including the Central Bank of Syria, have been removed from OFAC's List of Specially Designated Nationals and Blocked Persons (SDN List).
Effective July 1, 2025, U.S. persons are not prohibited from providing financial services to Syria, processing payments on behalf of third country financial institutions involving Syrian financial institutions, or conducting transactions with the new Government of Syria and Syrian financial institutions, provided that none of the involved parties are on the SDN List. This includes establishing correspondent banking relationships with Syrian financial institutions. In line with the lifting of Syria sanctions, the Financial Crimes Enforcement Network issued exceptive relief in late May 2025 to permit U.S. financial institutions to open and maintain correspondent accounts for the Commercial Bank of Syria. OFAC strongly encourages financial institutions to employ a risk-based sanctions compliance program and update it as appropriate in consideration of new business lines.