Frequently Asked Questions

752. Do U.S. banking institutions need to apply for a specific license to release funds transfers or accounts previously blocked pursuant to the CACR that are now authorized by general license?

752 … If a transaction was previously blocked pursuant to the CACR at the time of the transaction, and the CACR was later amended to allow similar transactions, the earlier transaction is not unblocked unless the CACR amendments include a general license that unblocks previously blocked funds.… Read more

753. Is a financial institution required to independently verify that an individual’s travel is authorized when processing Cuba travel-related transactions?

753 … No. A financial institution may rely on U.S. travelers to provide their certifications of authorized travel directly to the person providing travel or carrier services when processing Cuba travel-related transactions, unless the financial institution knows or has reason to know that the… Read more

754. Is the U.S. originating bank or U.S. beneficiary bank required to independently verify that a person subject to U.S. jurisdiction is not engaging in a direct financial transaction as defined in § 515.209 when processing Cuba-related transactions?

754 … No. To the extent the transaction involves an entity or subentity on the Cuba Restricted List , a financial institution can rely on the statements of its customer that the transaction is authorized unless it knows or has reason to know the transaction is not authorized. A financial… Read more

755. Is a U.S. or third-country financial institution required to independently verify that the underlying transactions giving rise to U.S. dollar monetary instruments presented for processing and payment pursuant to § 515.584(g) are authorized?

755 … No. A financial institution receiving U.S. dollar monetary instruments for processing and payment directly or indirectly (in the case of a U.S. banking institution) may rely on the institution having presented such monetary instruments as confirmation that the underlying transactions are… Read more

756. May a person subject to U.S. jurisdiction utilize online payment platforms to facilitate or process authorized transactions involving Cuba or a Cuban entity?

756 … Yes. Subject to certain exceptions, transactions that are ordinarily incident to an authorized transaction are permitted. See the examples in 31 CFR § 515.421 . Such transactions may include use of online payment platforms to facilitate authorized transactions. Authorized transactions… Read more

757. Are U.S. banking institutions authorized to process “U-turn” transactions in which Cuba or a Cuban national has an interest?

757 … Yes. Effective May 29, 2024, banking institutions subject to U.S. jurisdiction are authorized to process “U-turn” transactions, i.e., funds transfers originating and terminating outside the United States, provided that neither the originator nor the beneficiary is a person subject to U.S.… Read more

758. Is Cuba open for U.S. business and investment?

758 … Persons subject to U.S. jurisdiction are prohibited from doing business or investing in Cuba unless authorized by OFAC. An OFAC general license authorizes, subject to certain conditions and limitations, the exportation from the United States, and the reexportation from third countries, of… Read more

759. Does the prohibition in 31 CFR § 515.209(a) require US businesses engaged in the Cuban market and that may undertake direct financial transactions with entities included on the State Department’s Cuba Restricted List to terminate their Cuba-related business relationships pursuant to the regulatory amendments?

759 … Consistent with the Administration’s interest in not negatively impacting U.S. businesses for engaging in lawful commercial opportunities, most existing Cuba-related commercial engagements that include direct financial transactions with entities and subentities identified on the State… Read more

760. How do U.S. companies know if a Cuban counterpart is affiliated with an entity or subentity on the Cuba Restricted List?

760 … The names of the entities and subentities that the State Department identifies as meeting the criteria set forth in NSPM-5 are published on the Cuba Restricted List , which is available on the State Department’s website and in the Federal Register (updates to the Cuba Restricted List will… Read more

761. Can U.S. trade delegations travel to Cuba?

761 … Trade delegations are authorized to travel to Cuba only if each member of the delegation meets the criteria of an applicable general license authorizing travel to Cuba or has obtained a specific license from OFAC. Authorized trade delegations generally fall under one of two general licenses… Read more

Frequently Asked Questions

Office of Terrorism and Financial Intelligence