OFAC FAQ (Current) FAQ # 741 - Cuba-related: Banking

Date issued: Nov. 08 2017

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TURBOFAC Commentary (1070 words)

Notes:

[8-3-23 Update - note that the text below the *** has not been amended to reflect the text above the ***]

Section 515.560 of OFAC's Cuba regulations (the "CACR") authorizes "persons generally or specifically licensed under [the CACR] to engage in transactions in [certain specified] connection with travel to, from, and within Cuba," including "transportation-related transactions ordinarily incident to travel to, from, and within Cuba" and "[l]iving expenses in Cuba". This applies to travelers subject to U.S. jurisdiction that qualify for one of the 12 categories of authorized travel listed in 515.560(a) (e.g. “family visits”). 515.560(f) of the CACR specifies that "[n]othing in [515.560] authorizes transactions in connection with tourist travel to Cuba".

515.584(c) of the CACR provides that "[a]ll transactions incident to the processing and payment of credit and debit cards involving travel-related and...