Department of the Treasury November 9, 2016 – Federal Register Recent Federal Regulation Documents

Imposition of Special Measure Against North Korea as a Jurisdiction of Primary Money Laundering Concern
Document Number: 2016-27049
Type: Rule
Date: 2016-11-09
Agency: Department of the Treasury, Financial Crimes Enforcement Network
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.
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