{"QuestionID":92659,"AnswerID":38397,"AnswerName":"Anonymous Attorney"}
Posted on / Sep. 06, 2019 00:00:00
No. Effective October 9, 2019, banking institutions subject to U.S. jurisdiction are not permitted to process U-turn transactions, i.e., funds transfers originating and terminating outside the United States, where neither the originator nor the beneficiary is a person subject to U.S. jurisdiction. While banking institutions subject to U.S. jurisdiction are no longer authorized to process U-turn transactions, they are authorized to reject such transactions, subject to certain conditions (see 31 CFR § 515.584(d). [09-06-2019]
VI. Trade/Business
