Imposition of Special Measure Against North Korea as a Jurisdiction of Primary Money Laundering Concern

The Director of FinCEN found that the Democratic People’s Republic of Korea (‘‘North Korea’’) is a jurisdiction of primary money laundering concern. On November 9, 2016, FinCEN issued a final rule 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.

The latest form for Imposition of Special Measure Against North Korea as a Jurisdiction of Primary Money Laundering Concern expires 2023-01-31 and can be found here.