745. May U.S. banks open and operate accounts for Cuban nationals lawfully present in the United States?

Yes.  Pursuant to section 515.571(a)(5) of the CACR, banking institutions are permitted to maintain accounts for certain Cuban nationals present in the United States in a non-immigrant status or pursuant to other non-immigrant travel authorization.  Although the account may remain open while the Cuban national is not in the United States, access to such accounts must be limited to periods during which the Cuban national is lawfully present in the United States.  For a complete description of what the OFAC general license authorizes and the restrictions that apply, see 31 CFR § 515.571(a)(5).  For authorizations related to U.S. bank accounts for independent private sector entrepreneurs present in Cuba, see FAQ 748.

Updated: May 28, 2024