OFAC Publishes New Frequently Asked Questions Regarding Cuba-Related SanctionsApril 16, 2015
On April 16, Treasury’s Office of Foreign Assets Control (OFAC) released new and updated Frequently Asked Questions (FAQs) relating to the Cuban Assets Control Regulations (CACR).
Key takeaways from the updated FAQs for U.S. financial institutions include:
- the Cuba embargo remains in place and most transactions between the U.S. and Cuba continue to be prohibited;
- they may process all transactions incident to the processing and payment of credit and debit cards transactions for third-country nationals traveling to, from, or within Cuba; and
- foreign branches of U.S. banks may open and operate accounts for newly unblocked Cuban nationals in third countries; however all funds transfers to or from such an account involving Cuba or a national of Cuba (other than an unblocked national) must be authorized or exempt.