(a) Correspondent accounts. Depository institutions, as defined in Sec. 515.333, are authorized to engage in all transactions necessary to establish and maintain correspondent accounts at a financial institution that is a national of Cuba, provided that such accounts are used only for transactions authorized pursuant to, or exempt from, this part.
Note to Sec. 515.584(a):
This section does not authorize the establishment and maintenance of accounts in the United States or with a person subject to U.S. jurisdiction by, on behalf of, or for the benefit of, Cuba or a Cuban national.
(b) Testing arrangements. Depository institutions are authorized to set up testing arrangements and exchange authenticator keys with any financial institution that is a national of Cuba for transactions authorized pursuant to, or exempt from, this part.
(c) Credit and debit cards. All transactions incident to the processing and payment of credit and debit cards involving travel-related and other transactions consistent with Sec. 515.560 are authorized.
(d) Wire transfers. Any depository institution, as defined in Sec. 515.333, that is a person subject to U.S. jurisdiction is authorized to:
(1) Reject funds transfers originating and terminating outside the United States where neither the originator nor the beneficiary is a person subject to U.S. jurisdiction and provided that a prohibited official of the Government of Cuba, as defined in Sec. 515.337 of this part, or a prohibited member of the Cuban Communist Party, as defined in Sec. 515.338 of this part, does not have an interest in the transfer; and
(2) Provided that neither the originator nor the beneficiary is a person subject to U.S. jurisdiction, process funds transfers originating and terminating outside the United States relating to transactions that would be authorized pursuant to this part if the originator or beneficiary were a person subject to U.S. jurisdiction. [80 FR 2301, Jan. 16, 2015]