Banks Postfinance terminates customers with links to Cuba
Postfinance has abruptly terminated the accounts of several customers with links to Cuba. The background to this is US sanctions against the island state in the Caribbean.
28.03.2025, 11:00
SDA
The Swiss abroad affected were given just two weeks in mid-March to find a new bank, as reported by Swiss Radio (SRF) on Friday. Cash transactions have also been restricted.
Less than a dozen business relationships are affected, as Postfinance informed the news agency AWP on request. 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 the list of terrorist states in 2019 and warned foreign banks against doing business with Cuba. Some relaxations were introduced under Joe Biden, but these were later lifted again.
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.
No reasons given
Postfinance did not provide any specific reasons for the closure of 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 maintain accounts for Swiss citizens abroad. The Federal Council clarified in 2019 that Postfinance's universal service obligation only applies to domestic payment transactions.
