PRINT
733. Is a bank, credit union, or money services business (MSB) such as a money remitter permitted to process my authorized remittances to or from Cuba?
Yes. Pursuant to a general license at 31 CFR § 515.572(a)(3), banking institutions, as defined in 31 CFR § 515.314, U.S.-registered brokers or dealers in securities, and U.S.-registered money transmitters are permitted to process authorized remittances to or from Cuba without having to obtain a specific license, subject to the recordkeeping and reporting requirements set forth in 31 C.F.R § 515.572(b). Please note, effective November 26, 2020, OFAC amended 31 CFR § 515.572(a)(3) to exclude from the scope of the authorization any transaction relating to the collection, forwarding, or receipt of remittances involving any entity or subentity identified on the State Department’s Cuba Restricted List. For a complete description of what the OFAC general license authorizes and the restrictions that apply, see 31 CFR § 515.572(a)(3).
Date Released
October 26, 2020
1) FAQ is a restatement of the text of provisions referred to. See 515.572, comments thereto.
2) FAQ amended on 9-23-2020 to change "money service business" to "money services business."
3) FAQ Amended on 10-26-2020 to make stylistic changes and to account for the publication of an FR notice announcing certain remittance-related amendments to take effect on Nov. 26, 2020. For further details, see FAQ # 852, and comments thereto. The last sentence of the FAQ was added.