There have been numerous instances of Paypal and bank transfers, checks etc. frozen because "Cuba" was mentioned in a memo line. The following language should end that problem.
UPDATED NOVEMBER 25, 2015 BY THE OFFICE OF FOREIGN ASSETS CONTROL
52. 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 travelrelated 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 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.
53. May a person subject to U.S. jurisdiction utilize online payment platforms to facilitate or process authorized transactions involving Cuba or a Cuban entity? Yes. Subject to certain exceptions, transactions that are ordinarily incident to an authorized transaction are authorized. Such transactions may include use of online payment platforms to facilitate authorized transactions. Please see the interpretive guidance in 31 CFR § 515.421.
https://www.treasury.gov/resource-center/sanctions/Programs/Documents/cuba_faqs_new.pdf
UPDATED NOVEMBER 25, 2015 BY THE OFFICE OF FOREIGN ASSETS CONTROL
52. 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 travelrelated 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 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.
53. May a person subject to U.S. jurisdiction utilize online payment platforms to facilitate or process authorized transactions involving Cuba or a Cuban entity? Yes. Subject to certain exceptions, transactions that are ordinarily incident to an authorized transaction are authorized. Such transactions may include use of online payment platforms to facilitate authorized transactions. Please see the interpretive guidance in 31 CFR § 515.421.
https://www.treasury.gov/resource-center/sanctions/Programs/Documents/cuba_faqs_new.pdf
No comments:
Post a Comment