Bass, Berry & Sims attorney Thad McBride discussed the Trump administration’s updated regulations related to certain financial transactions with Cuba and Cuban parties. The new restrictions were announced by the US Treasury, Office of Foreign Assets Control (OFAC) last week. Among other things, the new regulations will likely require financial institutions to conduct additional due diligence in connection with any transaction involving Cuba.

As Thad notes, “any bank willing to process a remittance to Cuba is likely to scrub the remittance more carefully in light of the new restrictions.”

The full article, “Trump Ends Obama-Era Leniency on Cuba Remittances,” was published by PaymentsCompliance on September 10, 2019, and is available to subscribers here (a link to a PDF of the full content is available by clicking on the article’s title).