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On June 3, 2016, the Financial Crimes Enforcement Network (FinCEN), Treasury, published in the Federal Register a notice of proposed rulemaking to propose 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 and to prohibit the use of foreign banking institutions’ correspondent accounts at covered U.S. financial institutions to process transactions involving North Korean financial institutions. This follows a finding, notice of which was published in the Federal Register (“Notice of Finding”), the Director of FinCEN found that the Democratic People’s Republic of Korea (“North Korea”) is a jurisdiction of primary money laundering concern. Written comments on the notice of proposed rulemaking must be submitted on or before August 2, 2016. |
