On March 15, 2016, the US Treasury Department’s Office of Foreign Assets Control and the Commerce Department’s Bureau of Industry and Security announced amendments to the Cuban Assets Control Regulations and Export Administration Regulations. With respect to banking and financial services, US banking institutions will be authorized to process U-turn transactions in which Cuba or a Cuban national has an interest, as well as US dollar monetary instruments, including cash and travelers’ checks, presented indirectly by Cuban financial institutions. US banking institutions will also be authorized to open and maintain bank accounts in the United States for Cuban nationals in Cuba to receive payments in the United States for authorized or exempt transactions and to remit such payments back to Cuba.

The Treasury Department press release is available at: https://www.treasury.gov/press-center/pressreleases/Pages/jl0379.aspx