The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has updated its Frequently Asked Questions regarding Cuba travel-related transactions by U.S. financial institutions. Question #52 has been added:
- Is a financial institution required to independently verify that an individual’s travel is authorized when processing Cuba travel-related transactions?
No. A financial institution may rely on U.S. travelers to provide their certifications of authorized travel directly to the person providing travel or carrier services when processing Cuba travel-related transactions, unless the financial institution knows or has reason to know that the travel is not authorized by a general or specific license.
The CACR (Cuban Assets Control Regulations) requires persons subject to U.S. jurisdiction providing travel or carrier services to retain for at least five years from the date of the transaction a certification from each customer indicating the section of the CACR that authorizes the person to travel to Cuba. See § 515.572(b). U.S. travelers utilizing a general or specific license are also required to retain for five years records associated with their travel to Cuba.
The Frequently Asked Questions are available at: https://www.treasury.gov/resource-center/sanctions/Programs/Documents/cuba_faqs_new.pdf.
