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Foreign Assets Control Act

BSA/AML, OFAC and Fraud
March 22, 2004
TO: CHIEF EXECUTIVE OFFICER (also of interest to Compliance Officer)
SUBJECT: Cuban Asset Control Regulations
Summary: The Department of the Treasury’s Office of Foreign Assets Control has updated its list of approved service providers to Cuba.

On March 15, 2004, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) updated its list of Authorized Providers of Air, Travel and Remittance Forwarding Services to Cuba from the United States. All of the businesses on the list hold licenses to provide U.S.-domiciled persons with carrier and travel services, or remittance-forwarding services, where the final destination of the travel or monies is Cuba. U.S.-based financial institutions are, therefore, permitted to assist approved providers with the transfer of monies, through a third country, to Cuba for these purposes. A list of authorized service providers is attached.

OFAC has asked that we distribute this information to all FDIC-supervised financial institutions so that they will know whom, and for what purposes, they can assist in providing limited financial services to Cuba. Prior to providing any forwarding services, the institution should obtain for its records a copy of the service provider’s OFAC license. Additional information about OFAC-related issues may be found on the Internet at https://home.treasury.gov/policy-issues/office-of-foreign-assets-control-sanctions-programs-and-information .

Please distribute this information to the appropriate personnel in your institution. For further information about Executive Orders or control regulations, please call OFAC’s Compliance Programs Division at 1-800-540-6322.

For your reference, FDIC Financial Institution Letters (FILs) may be accessed from the FDIC’s Web site at www.fdic.gov/news/financial-institution-letters/2004/index.html . To learn how to receive FILs electronically, please visit http://www.fdic.gov/news/news/announcements/index.html . This FIL supersedes FIL-91-2003 , issued December 3, 2003.

Michael J. Zamorski
Director
Division of Supervision and Consumer Protection

# # #

Distribution: FDIC-Supervised Banks (Commercial and Savings)

NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC’s Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (1-877-275-3342 or (703) 562-2200).



Additional Related Topics:

  • (May be accessed at https://home.treasury.gov/policy-issues/office-of-foreign-assets-control-sanctions-programs-and-informationsanctions/cuba_tsp.pdf)

Last Updated: March 22, 2004