Frequently Asked Questions

A person subject to U.S. jurisdiction traveling to Cuba to engage in an authorized family visit pursuant to 31 CFR § 515.561 is prohibited from engaging in direct financial transactions with the entities and subentities on the State Department’s Cuba Restricted List. As such, this traveler would… Read more

Yes, under certain circumstances. Persons subject to U.S. jurisdiction may engage in transactions in U.S. dollars in Cuba or with Cuban nationals with respect to activity that is authorized pursuant to the Cuban Assets Control Regulations (CACR) . For example, payments for telecommunications… Read more

Yes. Persons subject to U.S. jurisdiction who are traveling to Cuba pursuant to one of the 12 authorized categories of travel may open and maintain bank accounts in order to access funds while located in Cuba for authorized transactions, and are authorized to close such accounts. For a complete… Read more

Yes. Authorized travelers in Cuba are permitted to use credit or debit cards issued by a U.S. financial institution with respect to activity that is authorized pursuant to the CACR . Travelers are advised to check with their financial institution before traveling to Cuba to determine whether the… Read more

OFAC regulations do not require financial institutions or credit card companies to accept, maintain, or facilitate authorized financial relationships or transactions. …

Yes, credit card network operators that are persons subject to U.S. jurisdiction may process such transactions and related settlements for third-country financial institutions. Section 515.584 (c) of the CACR authorizes all transactions incident to the processing and payment of credit and debit… Read more

Yes. Section 515.584(c) of the CACR authorizes all transactions incident to the processing and payment of credit and debit cards transactions for third-country nationals traveling to, from, or within Cuba. Any person subject to U.S. jurisdiction, including U.S. financial institutions and their… Read more

E.O. 13722 blocks the Government of North Korea and the Workers’ Party of Korea; prohibits the exportation and reexportation of goods, services (including financial services), and technology to North Korea; and prohibits new investment in North Korea. E.O. 13722 also adds new designation criteria,… Read more

Yes. E.O. 13722 implements certain U.S. obligations under UNSCR 2270 and certain provisions of the North Korea Sanctions and Policy Enhancement Act of 2016. U.S. sanctions against North Korea are generally broader than UN …

Yes. All property and interests in property of the Government of North Korea and the Workers’ Party of Korea are blocked. U.S. persons are generally prohibited from engaging in transactions with them without authorization from OFAC and must block property or interests in property that are in, or… Read more