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US Urges Banks to be Watchful of NK Transactions

News2009-06-19
US Urges Banks to be Watchful of NK Transactions

The United States warned its financial institutions Friday of the possibility of North Korea skirting financial sanctions by using various so-called "deceptive practices."

The warning was made in an advisory issued by the Treasury Department’s Financial Crimes Enforcement Network.

The Treasury asked banks to be on the lookout for deceptive practices by North Korea and North Korean entities. These practices include suppressing the identity and location of parties originating a banking transaction and repeated bank transfers that appear to have no legitimate purpose.

The department urged banks to remain vigilant regarding attempts by North Korean customers to make large cash deposits into new or existing accounts and to be watchful of counterfeit currency.

The advisory marked the first finance-related measure Washington has taken following the adoption of a tougher U.N. resolution sanctioning Pyongyang for a nuclear test on May 25th.


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