Aymee Valdivia, partner at Holland & Knight: “The authorization for U.S. banks to open and maintain bank accounts for the Cuban private sector would have the greatest impact, if implemented. Participation of the banks is crucial for the success of this measure. Before participating, banks may seek clarity from the U.S. Treasury’s Office of Foreign Assets Control (OFAC) regarding the level of diligence required to meet compliance requirements, onboard Cuban clients and process transactions. The reauthorization for ‘U-Turn’ transactions permits U.S. banks and their foreign subsidiaries to serve as intermediary banks, facilitating fund transfers related to Cuba without involvement from U.S. persons or property. While the reintroduction of this rule could facilitate Cuba-related transactions through the U.S. financial system, it has practical challenges…”
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