- January 24, 2018
- Posted by: CIP Journal
- Category: Uncategorized
FinCEN also issued today an advisory that provides red flags of illicit North Korean schemes, including the use of financial representatives, front and shell companies, trading companies, and financial institutions operating in areas bordering North Korea.
The red flags are designed to assist financial institutions in identifying and reporting suspected illicit activity by North Korea and its financial institutions.
“Banks and businesses worldwide should take note that they must be vigilant against attempts by North Korea to conduct illicit financing and trade.” said Treasury Secretary Steven T. Mnuchin.
CNBC reported North Korea, using bitcoin transactions to evade sanctions, which is a threat to crypto currency investors and the US has publicly blamed North Korea for Wanna-be attack crippling banks, hospitals globally, asking for bitcoins to unlock.
Financial institutions may use this information to enhance their Anti-Money Laundering (AML) monitoring systems for more valuable suspicious activity reporting.
|FinCEN Advisory FIN-2017-A008||Advisory on North Korea’s Use of the International Financial System|
|FinCEN Advisory FIN-2017-A007||Advisory to Financial Institutions Regarding Disaster-Related Fraud|
|FinCEN Advisory FIN-2017-A006||Advisory to Financial Institutions on Widespread Political Corruption in Venezuela|
|FinCEN Advisory FIN-2017-A005||Advisory on the FATF-Identified Jurisdictions with AML/CFT Deficiencies|
|FinCEN Advisory FIN-2017-A004||Advisory to Financial Institutions on Political Corruption Risks in South Sudan|