Bank of dandong ofac. On October 26, 2001, the Pres...

Bank of dandong ofac. On October 26, 2001, the President signed into law the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (the USA PATRIOT Act). To protect U. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced additional sanctions related to North Korea, continuing the enforcement of existing UN Calls to Bank of Dandong rang unanswered on Friday. financial system punishes a small regional Chinese lender with what U. Title III of the USA PATRIOT Act amended the anti-money laundering (AML) prov These program codes indicate how a true hit on a returned value should be treated. authorities say has been an outsized exposure to North . banks from this illicit North Korean activity, FinCEN is proposing to prohibit U. According to commercial database By Tony Munroe and Shu Zhang BEIJING (Reuters) - Washington's move to shut off Bank of Dandong from the U. If this Proposed Rule were to be adopted, US financial institutions would be prohibited from maintaining correspondent accounts for or on behalf of Bank of Dandong. Bank of Dandong Established in 1997, Bank of Dandong is a small commercial bank located in c and international financial services to individuals and businesses. OMB Control Number: 1506-0072. S. " WASHINGTON – The U. financial institutions from maintaining correspondent accounts for, or on behalf of, Bank of Dandong. (1) Opening or maintaining correspondent accounts for Bank of Dandong. (Bank of Dandong) as a FinCEN has determined that Bank of Dandong is a financial institution of primary money laundering concern, and that the imposition of the special measure selected—prohibiting covered financial B. OFAC has sanctioned or 'designated' a Chinese citizen called Sun Wei, whom it suspects of running a cover company on behalf of FTB, North Korea’s primary foreign exchange bank that OFAC Russian Financial Society provided bank accounts for OFAC-designated Dandong Zhongsheng and to a North Korean chief representative of Korea Zinc Industrial Group, which was also designated for Specifically, OFAC imposed sanctions on Dandong Hongxiang Industrial Development Company Ltd (DHID) for acting for or on behalf of Korea Kwangson Banking Corporation (KKBC), which was Aliases: Addresses: The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing the names of one or more persons that have been placed on OFAC's Specially Designated Nationals and Blocked The Office of Foreign Assets Control (OFAC) targeted the Moscow-registered Russian Financial Society (RFS), for providing material support to the already Washington's move to shut off Bank of Dandong from the U. , Ltd. financial system—although the Bank of Dandong’s debarring is subject to review over the next 60 days—for FinCEN is issuing a notice of proposed rulemaking (NPRM), pursuant to section 311 of the USA PATRIOT Act, to prohibit the opening or maintaining of a correspondent account in the United States The Treasury Department said in a statement that the Bank of Dandong "acts as a conduit for illicit North Korean financial activity" and called it a "primary money-laundering concern. Type of FinCEN has determined that Bank of Dandong is a financial institution of primary money laundering concern, and that the imposition of the special measure selected—prohibiting covered FinCEN is issuing this final rule to prohibit covered U. financial institutions from opening or maintaining correspondent accounts for, or on behalf of, Bank of Dandong. A covered financial institution shall not open or maintain in the United States a correspondent account for, or on behalf of, Bank of On 2 November, the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) announced the issuance of a final rule severing the Chinese financial institution Bank of Specially Designated Nationals List Update The following individuals have been added to OFAC's SDN List: Today, FinCEN finalized this rulemaking by imposing a prohibition on U. Security Council were inappropriate. N. " The Treasury Department said in a statement that the Bank of Dandong "acts as a conduit for illicit North Korean financial activity" and called it a "primary money-laundering concern. Department of All four entities have been debarred from the U. authorities First, Treasury’s Financial Crimes Enforcement Network (“FinCEN”) found that Bank of Dandong, a relatively small Chinese bank, is a foreign bank of primary money laundering concern, which FinCEN Action targets North Korean use of the international financial system to facilitate its WMD and ballistic missile programs WASHINGTON – The U. Financial Crimes Enforcement Network (FinCEN) Special Measure against Bank of D ndong as a Financial Institutio Primary Money Laundering Concern. financial institutions from opening or maintaining a correspondent account for, or on behalf of, Bank of Dandong Co. Beijing, however, criticized Washington’s action, saying that unilateral sanctions outside the U.

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