On Tuesday, January 10, Metropolitano Bank reported through its institutional profile on Facebook, about the establishment of limits on bank operations for cash withdrawals and transfers made through electronic channels in Cuba.

On the subject, the Central Bank of Cuba clarifies that there is an international practice of applying due diligence in banks and within it, establishing limits on customer transactions, according to the nature of the operations, in attention to whether these they are natural or legal persons, which extends to the signatory countries of the following conventions: Vienna – United Nations Convention against Illicit Traffic in Narcotic Drugs and Controlled Substances; Palermo – United Nations Convention against Transnational Organized Crime; Mérida – United Nations Convention against corruption.

The aforementioned limits have been applied in Cuba since 1997 and have been adapted according to the development of the financial market. In this case, they are adapted to the rise of digital technology, with a view to preserve market discipline and in no way do they constitute limitations aimed at undermining the rights over financial resources, but rather, they are aimed at reinforcing the financial education of citizens and at prevent them from becoming involved, knowingly or not, in illegal actions or tax evasion.

Therefore, the current measure is aimed at strengthening the use of accounts according to their nature, whether personal or corporate, and at establishing greater transparency for citizens.

For the operations of personal accounts related to salary, retirement, savings, fund formation and collaboration, from which movements between natural persons are executed, the limits in question establish daily per operation of up to 80,000 Cuban pesos (CUP), and a maximum of up to 120,000 CUP per month; In the case of the MLC, the daily limit per operation is up to 1,000, and a maximum of up to 5,000 per month.

Clients who need to carry out operations between natural persons for amounts greater than those specified above, request it in person at the banks.

Natural persons do not have any limitation to transit financial resources from their personal accounts to make payments to legal entities and other economic agents for any concept (reservations in tourist facilities, merchandise or services purchased, among others), which transits without restriction through electronic payment channels, aspects that will continue to be developed by the banking system and without limitation for economic activity.

Regarding the transactions that take place between legal persons and other agents of the economy from their corporate accounts, which are those linked to businesses and are related to payments and activities authorized in their corporate or business purpose, from which Obligations with the Treasury, which are the largest volume, do not apply limitations other than those related to their operations.

As it has been implemented since 1997, due diligence and the limits related to it, which banks are obliged to apply by law, are subject to analysis and modification, depending on the circumstances in each period.

The measure that Metropolitano Bank began to apply will be implemented by the other banks in the system in the coming days.