Sanctions: Cuba restrictions falling

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April 2016


Last month, the US government took steps to further ease sanctions on Cuba, including allowing US banks to process new types of payments and open accounts in the name of Cuban nationals.

As a result of these changes, some financial institutions will begin conducting business in Cuba, while others will decide that transacting with Cuba remains too risky. Financial institutions entering the Cuban market will need to update their policies and training programs, and financial institutions that decide not to conduct business with Cuba will need to update their screening programs to minimize the risk of transacting with Cuba indirectly. 

This Financial crimes observer analyzes the recent sanctions relief and provides our view on what financial institutions should be doing now.

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Dan Ryan

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