November 11, 2019

November 11, 2019

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FinCEN Issues Final Rule Further Restricting North Korean Access to the US Financial System

On 2 November, the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) announced the issuance of a final rule severing the Chinese financial institution Bank of Dandong from the US financial system. FinCEN found Bank of Dandong to be of primary money laundering concern under the USA PATRIOT Act, in connection with activities by the bank to serve as a financial conduit between North Korea, US and international financial systems. In addition to the action against Bank of Dandong, FinCEN issued an advisory to financial institutions highlighting the illicit financial schemes used by North Korea and explaining how to identify red flags.

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