31 CFR § 515.209 - Restrictions on direct financial transactions with certain entities and subentities.

Date issued: May. 29 2024

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TURBOFAC Commentary (1670 words)

Notes:

Provision amended effective 5-29-24 to add “§ 515.584(d) relating to funds transfers” to Note 1. 515.584(d) is the “U-turn” authorization allowing U.S. financial institutions to process otherwise prohibited Cuba-related transactions that originate and terminate outside of the U.S. The amended note helpfully clarifies that a U.S. intermediary bank processing transaction involving a person on the Cuba Restricted List does not violate 515.209. 515.209, by its terms, applies to a person that is either the “originator on a transfer of funds whose ultimate beneficiary is…on the…Cuba Restricted List…or as the ultimate beneficiary on a transfer of funds whose originator is an entity or subentity on the Cuba Restricted List.” The comments below the asterisks have not yet been amended in light of the 5-29-24 CACR amendments.

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1) 515.209 is unique among sanctions provisions administered by OFAC insofar...