OFAC FAQ (Current) FAQ # 753 - Cuba-related: Banking

Date issued: Nov. 08 2017

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TURBOFAC Commentary (422 words)

Notes:

1) There is no self-certification safe harbor included [1] in the general license for online travel service providers, but the large ones appear to operate in the same manner, by whether customers are authorized by OFAC for travel to Cuba. For discussion of the diligence practices employed by the two dominant internet travel services providers, see General Note on the Provision of Services Related to Travel by non-U.S. Persons to Cuba (System Ed. Note).

2) OFAC states that a bank may rely on its customer unless the bank "knows or has reason to know" that the travel is not authorized by a general or specific license. "Knows or has reason to know" is the same construction as is used in ordinary diligence contexts, and that language has, in past enforcement actions, been interpreted to require a measure of affirmative due diligence into publicly available information (