Frequently Asked Questions

1272. How does the September 30, 2026 amendment to the Cuban Assets Control Regulations (CACR) affect those previously authorized "U-turn" transactions in which Cuba or a Cuban national has an interest?

Effective September 30, 2026, OFAC amended 31 CFR § 515.584(d) by removing the authorization for banking institutions subject to U.S. jurisdiction to process transactions that originate and terminate outside the United States, provided that neither the originator nor the beneficiary was a person… Read more

737. Are authorized travelers permitted to open bank accounts in Cuba?

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

1273. How does the September 30, 2026 amendment to the Cuban Assets Control Regulations (CACR) affect previous authorizations related to Cuban private sector entrepreneurs?

Effective September 30, 2026, OFAC amended § 515.584(h) to remove the authorization for banking institutions subject to U.S. jurisdiction to open and maintain accounts solely in the name of a Cuban national who is an independent private sector entrepreneur, as defined in § 515.340 , for the… Read more

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… Read more

831. How will OFAC define the sectors of the Iranian economy specified in Executive Order (E.O.) 13902 of January 10, 2020?

E.O. 13902 imposes sanctions with respect to any person determined by the Secretary of the Treasury to operate in the construction, mining, manufacturing, and textiles sectors of the Iranian economy, and any additional sectors of the Iranian economy as may be determined by the Secretary of the… Read more

1275. How does the September 30, 2026 amendment to the Cuban Assets Control Regulations (CACR) affect previous authorizations for professional meetings or conferences in Cuba?

Effective September 30, 2026, OFAC amended § 515.564 to eliminate the authorization related to the attendance at, or organization of, professional meetings or conferences in Cuba. Persons subject to U.S. jurisdiction are no longer authorized to attend or organize professional meetings or… Read more

156. How will U.S. and foreign financial institutions know that the Treasury Department has made such a finding pursuant to the Iranian Financial Sanctions Regulations?

On October 5, 2026, OFAC issued a notice alerting foreign financial institutions that continue to do business with Iran or its financial sector to the risk of sanctions under “Operation Economic Outcast.” If the Treasury Department makes a finding that a foreign financial institution knowingly… Read more

735. What are examples of a direct or indirect financial transactions with an entity or subentity on the State Department’s Cuba Restricted List (CRL) prohibited by 31 CFR § 515.209? What are some examples of this prohibited conduct?

Section 515.209 prohibits persons subject to U.S. jurisdiction from engaging in a direct or, effective September 30, 2026, an indirect financial transaction with entities and subentities on the CRL . A person engages in a direct financial transaction by either acting as the originator on a transfer… Read more

Frequently Asked Questions

Office of Terrorism and Financial Intelligence