For credit unions that are serving a Cuban population, the U.S. Treasury has updated its FAQs on traveling or doing business with Cuba. The questions range from financial services to remittances to travel. The FAQs are for informational purposes and does not modify the White House’s Executive Order.
The “Banking” section goes over if travelers can open accounts in Cuba, use credit or debit cards, and can Cuban banks open accounts in the U.S. For credit unions, the section, page 10, on the use of credit and debit cards will be helpful as their use is permitted but not required. Question 51 is also of interest to credit unions on wire transfers to Cuba. The Treasury writes that ” OFAC has issued a general license that authorizes U.S. depository institutions to reject funds transfers originating and terminating outside the United States where neither the originator nor the beneficiary is a person subject to U.S. jurisdiction and provided that certain prohibited individuals do not have an interest in the transfer.”
The banking section has 15 questions.