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Effective date for FinCEN rule banning Bank of Dandong

12/08/2017

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 United Nations (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.

UPDATE: FinCEN scheduled the rule for publication on November 8, 2017, which will make the rule's effective date Friday, December 8.

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