It's easy to get excited about the opening-up of trade relations with Cuba, and while many banks in South Florida and the U.S. are interested, unknowns are keeping financial institutions from being completely bullish on the island. There are three main reasons why banks aren't entering Cuba quite yet: the cost of compliance for processing transactions, Cuba's status as a country on the list of nations sponsoring terrorism and the vagueness of doing business in the region.

The U.S. Department of the Treasury's Office of Foreign Assets Control announced changes to Cuba sanctions in January, following President Barack Obama's Dec. 17 announcement of changes in trade relations with the island nation. The sanctions cover travel, importation of goods, financial services and more.

According to the OFAC changes, U.S. banks will eventually be permitted to open and maintain correspondent accounts at financial institutions that are in Cuba, and conduct authorized transactions and process credit and debit card transactions for authorized parties...



Recent Articles

Date Title
3/31/15 U.S. and Cuba to face off on human rights in Tuesday Washington meeting
Mimi Whitefield, The Miami Herald
3/31/15 Pritzker: U.S. business can be at the forefront of change in Cuba
Mimi Whitefield, The Miami Herald
3/31/15 Cuba aims to ramp up Internet access -U.S. State Dept official
David Adams, Reuters
3/30/15 Who claims what property seized in Cuba? Facts and figures
Adam Geller, AP
3/29/15 Tampa could prosper from restoring cattle trade with Cuba
Tampa Tribune
3/26/15 Cuban dissidents will head to Summit of the Americas
Nora Gamez, The Miami Herald
3/26/15 Venezuela slashes oil shipments to Cuba, Caribbean in half
Antonio Maria Delgado, The Miami Herald
3/23/15 Obama Outmaneuvered Hardliners to Cut a Cuba Deal
Reuters, Newsmax
3/23/15 Giving Cubans a chance
Parris N. Glendening, Baltimore Sun
3/23/15 Cuba flirts with free speech
Marc Frank, Financial Times
3/19/15 Questions Over US-Cuba Talks Amid Venezuela Dispute
Peter Orsi and Andrea Rodriguez, AP
3/19/15 Can the US-Cuba honeymoon last?
Howard LaFranchi, Christian Science Monitor
3/19/15 First direct flights between New York and Cuba taking off
AP
3/18/15 Travel company starts first direct charter flights between New York City and Havana, Cuba
AP
3/18/15 3 months out of a Cuban prison, Alan Gross savors his freedom
Patrick Oppmann, CNN
3/18/15 Cruise line leaders have sights on Cuba
Arlene Satchell, Sun Seninel
3/17/15 Row between US and Venezuela sees Cuba caught in the middle
Nick Miroff, The Washington Post
3/17/15 North Korea, Cuba in 'same trench' against US: minister
AFP
3/16/15 Cuba, U.S. Renew Talks On Restoring Diplomatic Ties
Daniel Trotta, Reuters
3/16/15 Cuba approves first public wi-fi hub in Havana
BBC
3/13/15 Cuba Allows Rare Free Public Wi-Fi at Havana Cultural Center
AP
3/13/15 Third round of U.S.-Cuba talks set in Havana
Mimi Whitefield, The Miami Herald
3/13/15 New York Flights Bound for Cuba Offer Glimpse of Growing Market
Katherine Chiglinsky, Bloomberg
3/13/15 Lessons from Eastern Europe for Cuba hardliners in Congress
Georgeta Dragoiu, The Hill
3/13/15 Seeding a Silicon Valley in Cuba
Ramphis Castro, Re/code
3/13/15 New Poll Shows Most Republicans Favor Lifting Embargo On Cuba
Pablo Manriquez, The Huffington Post
3/13/15 Current Record
3/12/15 New poll shows bipartisan support for Obama's Cuba policy
David Adams, Reuters
3/12/15 US and Cuba re-establish direct phone link
AFP
3/12/15 Cuba dissident leader expects to survive referendum vote
Anne-Marie Garcia, AP
3/11/15 U.S. Tourism to Cuba in the New Scenario of Bilateral Relations Files
Dr. José Luis Perelló Cabrera, From the Island
3/3/15 Young Cuban Artists Testing the Boundaries of Dissent
Tracy Wilkinson, L.A. Times
3/3/15 Why Midwestern farmers want to break the Cuba embargo
Nick Miroff, The Washington Post
3/3/15 'Ship to Cuba' option shows up on Amazon.com amid diplomatic talks
Reuters
3/2/15 Obama hopes for U.S. embassy in Cuba before April summit in Panama
Jeff Mason, Reuters
3/2/15 How Better Relations With Cuba Might Affect American Baseball
Matt Schiavenza, The Atlantic
3/2/15 Mexican company gets deal to invest in Cuba development zone
Reuters
3/2/15 Cuba signals readiness to fast-track U.S. diplomatic ties
David Adams and Daniel Trotta, Reuters
3/1/15 Red flags in Cuba slow investment
Alan Gomez and Rick Jervis, USA TODAY