The Department of the Treasury announced yesterday afternoon that FinCEN has issued a final rule under Section 311 of the USA PATRIOT Act that severs Bank of Dandong, a Chinese bank that acts as a conduit for illicit North Korean financial activity, from the U.S. financial system. FinCEN also issued an Advisory to further alert financial institutions to schemes commonly used by North Korea to evade U.S. and UN sanctions, launder funds, and finance the North Korean regime’s weapons programs. The rule severing Bank of Dandong’s access to the U.S. financial system will be effective 30 days after publication in the Federal Register.

News Release – https://www.fincen.gov/news/news-releases/fincen-further-restricts-north-koreas-access-us-financial-system-and-warns-us

Final Rule – https://www.fincen.gov/resources/statutes-and-regulations/311-special-measures  

Advisory – https://www.fincen.gov/resources/advisoriesbulletinsfact-sheets