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FOREIGN ASSETS CONTROL ACT

BSA/AML, OFAC and Fraud
May 20, 2003


TO: CHIEF EXECUTIVE OFFICER (also of interest to BSA Compliance Officer)
SUBJECT: Comprehensive Guidelines for License Applications to Engage in Travel-Related Transactions Involving Cuba
Summary: Treasury's Office of Foreign Assets Control has issued guidelines for license applications to engage in travel-related transactions involving Cuba.

On April 29, 2003, the Department of the Treasury's Office of Foreign Assets Control (OFAC) made available in the "Cuba Guidelines and Information" area of its Web site the attached Comprehensive Guidelines for License Applications to Engage in Travel-Related Transactions Involving Cuba .

OFAC has asked that we distribute this information to all FDIC-supervised institutions so that they may understand the requirements for dealing with businesses that transact business in Cuba. OFAC information also may be found on the Internet at https://home.treasury.gov/policy-issues/office-of-foreign-assets-control-sanctions-programs-and-information . Please distribute this information to the appropriate personnel in your institution. For further information about guidelines for license applications with blocked countries, please call OFAC's Compliance Programs Division at 1-800-540-6322.

For your reference, FDIC Financial Institution Letters may be accessed from the FDIC's Web site at www.fdic.gov/news/financial-institution-letters/2003/index.html . To learn how to automatically receive FDIC Financial Institution Letters through e-mail, please visit http://www.fdic.gov/news/news/announcements/index.html .

Michael J. Zamorski
Director

Attachment: Comprehensive Guidelines for License Applications to Engage in Travel-Related Transactions Involving Cuba PDF (245.9 KB File - PDF Help or Hard Copy )

Distribution: FDIC-Supervised Banks (Commercial and Savings)

NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (1-877-275-3342, option 5, or (703) 562-2200).


Last Updated: May 20, 2003