FinCEN is issuing this final rule to prohibit U.S. financial institutions from opening or maintaining a correspondent account for, or on behalf of, North Korean banking institutions. The rule further prohibits U.S. financial institutions from processing transactions for the correspondent account of a foreign bank in the United States if such a transaction involves a North Korean financial institution, and requires institutions to apply special due diligence to guard against such use by North Korean financial institutions.
Document
Imposition of Special Measure Against North Korea as a Jurisdiction of Primary Money Laundering Concern
FinCEN is issuing this final rule to prohibit U.S. financial institutions from opening or maintaining a correspondent account for, or on behalf of, North Korean banking institut...
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81 FR 78715
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“Imposition of Special Measure Against North Korea as a Jurisdiction of Primary Money Laundering Concern,” thefederalregister.org (November 9, 2016), https://thefederalregister.org/documents/2016-27049/imposition-of-special-measure-against-north-korea-as-a-jurisdiction-of-primary-money-laundering-concern.