Each depositor insured to at least $250,000 per insured bank



Home > News & Events > Financial Institution Letters




Financial Institution Letters

Foreign Assets Control Act

FIL-78-2004
July 1, 2004


TO: CHIEF EXECUTIVE OFFICER (also of interest to BSA Compliance Officer)
SUBJECT: General License Issued under the Cuban Assets Control Regulations
Summary: Treasuryís Office of Foreign Assets Control has issued a general license allowing certain travel-related transactions in Cuba until 12:01 a.m. EDT on August 1, 2004.

On June 25, 2004, the Department of the Treasuryís Office of Foreign Assets Control (OFAC) issued a new general license under the Cuban Assets Control Regulations, which pertains to allowing certain travel-related transactions. This license authorizes persons who are in Cuba on June 29, 2004, to visit a close relative to continue to engage in all of the transactions ordinarily incident to travel within and from Cuba until 12:01 a.m. Eastern Daylight Time on August 1, 2004. Persons who are in Cuba on June 29, 2004, and who qualify as fully-hosted travelers are authorized to continue to receive goods and services in Cuba for personal use or consumption in Cuba until 12:01 a.m. Eastern Daylight Time on August 1, 2004, provided that no person subject to the jurisdiction of the United States (including the traveler) makes any payment, transfers any property, or provides any service to Cuba or a national of Cuba in connection with the receipt of those goods or services. A copy of the general license is included as an attachment.

OFAC has asked that we distribute this information to all FDIC-supervised institutions. OFAC information also may be found on the Internet at www.treas.gov/offices/enforcement/ofac/.

Please distribute this information to the appropriate personnel in your institution. For further information about Executive Orders or blocked accounts, please call OFACís Compliance Programs Division at 1-800-540-6322.

For your reference, FDIC Financial Institution Letters may be accessed on the FDIC's Web site at http://www.fdic.gov/news/news/financial/2004/index.html. To learn how to automatically receive FDIC Financial Institution Letters through e-mail, please visit http://www.fdic.gov/about/subscriptions/index.html.

Michael J. Zamorski
Director
Division of Supervision and Consumer Protection

# # #

Attachment

Distribution: FDIC-Supervised Banks (Commercial and Savings

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



Last Updated 07/01/2004 communications@fdic.gov