Regulatory Alerts2017-07-07
Added
Proposal of Special Measure against Bank of Dandong as a Financial Institution of Primary Money Laundering Concern
FinCEN proposes to prohibit covered U.S. financial institutions from opening or maintaining a correspondent account in the United States for, or on behalf of, Bank of Dandong. This action follows a finding that Bank of Dandong is a financial institution of primary money laundering concern because it serves as a conduit for North Korea to access the U.S. and international financial systems to support its weapons of mass destruction and ballistic missile programs. Written comments on this notice of proposed rulemaking must be submitted on or before September 5, 2017.