U.S. Treasury Department officials on Tuesday lifted banking and export restrictions against Cuba they say have stymied yearlong efforts to normalize economic and diplomatic ties with the island-nation.
American depository institutions' hesitancy to establish links with banks in Cuba is likely to impede newly authorized trade with the country, according to U.S. officials.
A contradiction between U.S. sanctions rules and federal guidance on Cuban money remitters is prompting some compliance staff to scratch their heads, say analysts.
New U.S. Treasury Department regulations easing economic sanctions against Cuba and the compliance burden of financial institutions could make it easier for money remitters to break the rules, say analysts.
The U.S. Treasury Department officially loosened restrictions on money sent to Cuba Thursday, lifting caps on dollar amounts remitted and expanding the number of individuals who can receive the funds.
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