Western Union (WU) suspended money transfers to Cuba for an indefinite period because of new US sanctions, Bloomberg reported Monday, citing an email from the company.
The company will give refunds to customers for payments in process, Western Union reportedly said in the emailed statement.
Orbit, Western Union's local partner in Cuba, was placed on Cuba Restricted List by the US last month.
Western Union did not immediately respond to MT Newswires' request for comment.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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