Regulatory Alerts2016-11-04
Added
Imposition of Special Measure Against North Korea as a Jurisdiction of Primary Money Laundering Concern
FinCEN prohibits U.S. financial institutions from opening or maintaining correspondent accounts for, or on behalf of, North Korean banking institutions. The rule further bans U.S. financial institutions from processing transactions involving North Korean financial institutions through the U.S. correspondent accounts of foreign banks. Covered institutions must apply special due diligence to foreign correspondent accounts to guard against such use, including investigating and preventing suspected transactions. This final rule becomes effective on December 9, 2016.