This bulletin transmits an advisory from the Financial Crimes Enforcement Network (FinCEN). FinCEN's advisory warns U.S. financial institutions that the U.S. Department of the Treasury has concerns that government agencies of the Democratic People's Republic of Korea (North Korea) and associated front companies¹ engaged in illicit activities may be seeking banking services elsewhere following the finding of Banco Delta Asia SARL to be a financial institution of "primary money laundering concern" pursuant to Section 311 of the USA PATRIOT Act. The FinCEN advisory is consistent with the U.S. Department of the Treasury's efforts to ensure that the U.S. financial institutions are not used as a conduit for the laundering of proceeds from such illicit activities as currency counterfeiting, narcotics trafficking, counterfeit cigarette smuggling, and the financing of and involvement in weapons of mass destruction and missile proliferation.

Per the advisory, the Department of the Treasury is actively monitoring this situation and will take any further action as appropriate, including providing updated information to the financial industry as warranted. Currently, the known entities have been added to the Office of Foreign Assets Control's Specially Designated Nationals (SDN) list.

Financial institutions with questions about FinCEN's advisory may contact FinCEN's Regulatory Helpline at 1-800-949-2732. For situations that may relate to potential terrorist activity, financial institutions are encouraged to call FinCEN's Financial Institutions Hotline at 1-866-556-3974.

Ann F. Jaedicke
Deputy Comptroller for Compliance Policy

Related Links

• FinCEN Advisory