US warns financial institutions of illicit North Korean schemes

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.


Read more:

Free Private Consultation