Account Restrictions

UNFCU is a not-for-profit financial cooperative established under, and fully subject to the laws and regulations of the United States, including but not limited to, laws and regulations governing US economic sanctions towards various countries1.

The operation of accounts for members located in countries subject to US economic sanctions is regulated by the US Treasury Department. These sanctions and regulations, among other things, prohibit and restrict account services and transactions, and are subject to change without notice. At the present time, countries subject to US economic sanctions affecting credit union accounts include: Cuba, Iran, Burma (Myanmar), Syria and Sudan.

Currently, the operation of accounts for the following may be subject to restrictions by the US Treasury Department:
  1. accountholders who are citizens of Cuba and are not employed with the United Nations or one of their agencies
  2. accountholders who are in or reside in Cuba, Iran, Syria or Burma (Myanmar); and
  3. those doing business within Sudan or certain Sudanese banks including, but not limited to any commercial transactions benefitting the government of Sudan.
UNFCU, under authorization from the US Treasury Department, is permitted to operate accounts for:
  • actively employed UN staff stationed in Iran
  • active and retired UN staff in Cuba, and their immediate family members, including Cuban nationals in any country
  • active and retired UN staff stationed in Syria and their family members

The majority of the existing sanctions against residents in Burma (Myanmar) have been relaxed and most financial services, with minor restrictions, are covered.

In the event you become separated from active UN duty and still remain in countries subject to US sanctions, your account with UNFCU will be subject to restriction and will require further authorization from the US Treasury Department. UNFCU closely monitors changes in US Treasury Department laws and regulations and interacts with the US Treasury Department in order to procure required authorizations in an attempt to avoid service disruption for our members.

What this means to you

When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

As of 1 October 2003, US federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

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  1. While UNFCU is not subject to sanctions from other countries, certain transactions may not be permissible or authorized by the bodies governing financial institutions in other countries.

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