Regulatory Alerts2009-06-18 | FinCEN Advisory – FIN-2009-A002Added
North Korea Government Agencies’ and Front Companies’ Involvement in Illicit Financial Activities
The Financial Crimes Enforcement Network (FinCEN) advises all U.S. financial institutions to implement risk mitigation measures due to the increased risk posed by North Korea's involvement in illicit financial activities, particularly in light of U.N. Security Council Resolutions 1718 and 1874. Financial institutions must apply enhanced scrutiny to correspondent accounts held for North Korean financial institutions, monitor transactions, and ensure they do not provide financial services for North Korean procurement of luxury goods. They should also remain vigilant regarding large cash deposits from North Korean customers and the risk of counterfeit currency. U.S. financial institutions are reminded to file Suspicious Activity Reports for suspicious transactions and to block property as required by Executive Order 13382.