Regulatory Alerts2016-06-03
Added
Imposition of Special Measure Against North Korea as a Jurisdiction of Primary Money Laundering Concern
The Financial Crimes Enforcement Network proposes to prohibit covered financial institutions from opening or maintaining a correspondent account in the United States for or on behalf of a North Korean banking institution. The proposal also prohibits the use of foreign banking institutions’ correspondent accounts at covered U.S. financial institutions to process transactions involving North Korean financial institutions. Additionally, covered financial institutions would be required to apply special due diligence to their foreign correspondent accounts to guard against their use for such transactions. Written comments on this notice of proposed rulemaking must be submitted on or before August 2, 2016.