OFAC FAQ #757 · Cuba Sanctions
Are U.S. banking institutions authorized to process “U-turn” transactions in which Cuba or a Cuban national has an interest?
OFAC's answer
Yes. Effective May 29, 2024, banking institutions subject to U.S. jurisdiction are authorized to process “U-turn” transactions, i.e., funds transfers originating and terminating outside the United States, provided that neither the originator nor the beneficiary is a person subject to U.S. jurisdiction. For a complete description of what this general license authorizes and the restrictions that apply, see [31 CFR § 515.584(d)](https://www.ecfr.gov/current/title-31/part-515/section-515.584#p-515.584(d)). For additional information, see [FAQ 736](https://ofac.treasury.gov/faqs/736). Date Updated: August 27, 2024