The Western Union Company (NYSE: WU), a leader in the money transfer segment of global payments, announced today it is ready to implement the new rules issued by The U.S. Department of Treasury Office of Foreign Assets Control (OFAC) on sending money to Cuba.
"Western Union has consistently connected families in the U.S. with loved ones in Cuba through fast and reliable money transfer services," said Stewart A. Stockdale, Executive Vice President and President, The Americas Western Union. "We look forward to expanding our Agent network to better serve consumers, consistent with OFAC's guidelines."
While an affidavit is still required, the new OFAC guidelines, effective September 03, 2009:
* Allow persons in the U.S. to send remittances to "close relatives" in Cuba, including aunts, uncles, cousins, and second cousins (who are nationals of Cuba); and
* Removes limits on the total amount and frequency of remittances sent to Cuba.
Western Union has been providing money transfer services from the U.S. to Cuba since 1999, in accordance with OFAC laws. Western Union currently has 3,000 Agent locations authorized to send Western Union money transfers from the U.S. to Cuba, and more than 100 Agent locations in Cuba.