745. May U.S. banks open and operate accounts for Cuban nationals lawfully present in the United States?
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 Cuban national is not in the United States, access to such accounts must be limited to while the Cuban national is lawfully present in the United States. For a complete description of what the OFAC general license authorizes and the restrictions that apply, see 31 CFR § 515.571(a)(5). A Cuban national in Cuba would not be able to access such an account to make and receive certain payments pursuant to the authorization in 31 CFR § 515.584(h); separate accounts would be required to utilize each of these authorizations. [09-06-2019]
1) This FAQ clarifies the need for two separate accounts, where an account for transactions ordinarily to travel in the U.S. is maintained even when the Cuban national is no longer present in the U.S. See 515.571, 515.584, and comments thereto.
Maintenance of an account for a blocked person is a provision of a service to that person prohibited unless specifically authorized. 515.571(b) provides that:
"Maintenance of accounts opened pursuant to paragraph (a)(5) of this section while the Cuban-national account holder is located outside the United States is authorized, provided that the Cuban-national account holder may only access the account pursuant to paragraph (a)(5) of this section when the Cuban-national account holder is lawfully present in the United States in a non-immigrant status or pursuant to other non-immigrant travel authorization issued by the U.S. government."