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Chinese Bank blocked from U.S. Financial System over North Korea ties

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a final rule under Section 311 of the USA PATRIOT Act to officially cut off a small Chinese bank from the U.S. financial system. The Chinese bank, Bank of Dandong, is accused of helping North Korea develop its illegal ballistic missile program and funnelling illicit funds.

Along with the ban on Bank of Dandong, there is also an issuance of new guidance to international banks' risk and compliance officers to help them spot North Korean attempts to infiltrate world finance.

Banks around the world find it hard to operate if they are barred from the US financial system, which is a clearing house for most dollar-denominated transactions.

Follow the link for complete news.

Notes: 311 Special Measures of USA Patriot Act is a special measures for Jurisdictions, Financial Institutions, or International Transactions of Primary Money Laundering Concern.

PST.AG has already updated it's database and the data for US MLC has been released to our customer on 6th November, 2017.

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