PostFinance cancels accounts of customers with Cuba links
Major Swiss banks had already suspended payment transactions with Cuba several years ago due to pressure from the US. PostFinance remained the only major institution to continue such payments.
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Listening: PostFinance cancels accounts of customers with Cuba links
The financial services arm of the Swiss post office, PostFinance, has cancelled the accounts of several customers with links to Cuba as a consequence of US sanctions against the Caribbean island state.
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Postfinance kündigt Kunden mit Kuba-Bezug
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Swiss citizens living abroad were only given two weeks in mid-March to find a new bank, Swiss public radio, SRF, reported on Friday. Cash transactions were also restricted.
Less than a dozen business relationships are affected, PostFinance told the AWP news agency.
International sanctions are subject to constant change and are not a rigid construct, it said. Every bank must constantly ask itself how it deals with the resulting risks.
In his first term in office, US President Donald Trump added Cuba to a list of states designated as sponsors of terrorism and warned foreign banks against doing business with the island state. Some relaxations were introduced under Joe Biden, but these were later cancelled.
Major Swiss banks had already suspended payment transactions with Cuba several years ago due to pressure from the US. PostFinance remained the only major institution to continue such payments. The sanctions against Cuba, which have been in place for decades, have been repeatedly adjusted, PostFinance announced. The company had also always adapted its internal policy in the past.
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Development work in Cuba has given autonomy to local communities – and arguably helped the regime to manage more efficiently.
PostFinance did not give any specific reasons why it cancelled the individual accounts, citing banking secrecy. However, the company told SRF that it was dependent on correspondent banks and dollar payment transactions.
PostFinance is not obliged to hold accounts for Swiss citizens abroad. The Federal Council clarified in 2019 that PostFinance’s universal service obligation only applies to domestic payment transactions.
Translated from German by DeepL/sb
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