Pursuant to E.O. 13810 and the North Korea Sanctions Regulations, a finding by the Treasury Department that a foreign financial institution knowingly engages in one or more of the sanctionable activities is necessary before the Treasury Department can prohibit or impose strict conditions on the opening or maintaining in the United States of correspondent accounts or payable-through accounts for that foreign financial institution. Such a finding also allows the Treasury Department the option of blocking the foreign financial institution. This authority is in addition to that granted Treasury’s Financial Crimes Enforcement Network (FinCEN) under section 311 of the USA PATRIOT Act.
March 1, 2018