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757. Are U.S. banking institutions authorized to process “U-turn” transactions in which Cuba or a Cuban national has an interest?
Yes. Effective May 29, 2024, banking institutions subject to U.S. jurisdiction are authorized to process “U-turn” transactions, i.e., funds transfers originating and terminating outside the United States, provided that neither the originator nor the beneficiary is a person subject to U.S. jurisdiction. For a complete description of what this general license authorizes and the restrictions that apply, see 31 CFR § 515.584(d). For additional information, see FAQ 736.
Date Updated: August 27, 2024
Date Released
September 6, 2019
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757. Are U.S. banking institutions authorized to process “U-turn” transactions in which Cuba or a Cuban national has an interest?
Yes. Effective May 29, 2024, banking institutions subject to U.S. jurisdiction are authorized to process “U-turn” transactions, i.e., funds transfers...
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1) FAQ Amended on 5-28-24 to reflect the revival of the U-turn GL at 515.584(d).
2) See FAQ 736, 515.584, and comments thereto.
4) FAQ amended on 8-27-24 to delete “nor their respective banking institution” where it appeared describing an authorization that applied “where neither the originator nor the beneficiary, nor their respective banking institution, is a person subject to U.S. jurisdiction.” See comment 4 to FAQ # 736 for more detail. This was a mistake prior to the amendment.