US banks likely to move cautiously into Cuba: trade groups

Washington

US BANKS will be able to do more business in Cuba after the United States and the island nation agreed to restore diplomatic ties, but trade groups said their members will be slow to ramp up operations, fearing big penalties for mistakes.

Under a series of policy changes announced on Wednesday, US banks will find it easier to process money transfers to and from Cuban banks, and US travellers can use their home credit and debit cards in the island nation.