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OFAC Actions Lead Banks to Drop Cuban Account Relationships
By Carla Valero
printDomestic and European banks are dropping their direct and correspondent relationships and "any ties for that matter" with Cuba in an attempt to shield themselves from possible fines they believe could be coming from U.S. regulators. They believe the U.S. Treasury's Office of Foreign Assets Control (OFAC) has focused more attention on the foreign financial entities that operate on the island during the last two years. OFAC has had sanctions in place against Cuba since 1993 stating that no person, company or subsidiary can do business with, or even travel to Cuba. Doing so could result in fines or penalties...
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