31 CFR § 515.584 - Certain financial transactions involving Cuba.

Date issued: May. 29 2024

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TURBOFAC Commentary (910 words)

Notes:

Provision amended effective 5-29-24 to (i) restore the “U-turn” GL at 515.584(d) by changing the term “reject funds transfers” back to “process funds transfers,” and (ii) add a GL (515.584(h)(2)) for the opening of bank accounts for “independent private sector entrepreneurs” for purposes of “conducting transactions authorized pursuant to, or exempt from the prohibitions of” the CACR.

There is significant overlap between the pre-existing 515.584(h) (now (h)(1)) and the new (h)(2), but there are one major difference. The new (h)(2) does not require Cuban Nationals opening accounts to be “located in Cuba”.

The comments below the asterisks have not yet been amended in light of the 5-29-24 CACR amendments.

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1) Refer generally to Cuba FAQs categorized as addressing 515.584.

2) Subsection (a): See FAQ # 742, FAQ # 743...