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Fraudulent Banking Activities Widespread in North Korea, Experts Warn

A major concern has been raised over the widespread fraudulent activities in banking in North Korea, with experts warning that the country’s inability to resolve substantial weaknesses in its anti-money laundering and counter-terrorism financing regime poses a significant threat to the international financial system.

Concerns from the Financial Action Task Force (FATF)

The FATF has expressed concerns over the Democratic People’s Republic of Korea’s (DPRK) development of nuclear weapons, arms trafficking and proliferation, and human rights violations. The FATF has also called on jurisdictions to advise their financial institutions to pay particular attention to commercial contacts and transactions with the DPRK, including DPRK corporations, financial institutions, and anyone working on their account.

Ongoing Threats

Despite repeated calls for action, North Korea remains on the blacklist of high-risk jurisdictions. The country’s hacking activities have reached an unprecedented level, with estimates suggesting that cyber thefts totalled $1.7 billion in 2022 alone.

Sanctions Imposed by the International Community

Sanctions have been imposed by the United Nations, the European Union, and the United States against North Korea, including a ban on the supply of conventional weapons and some weapons of mass destruction. The US has also implemented further sanctions against North Korea, banning specific companies and individuals and empowering the Treasury Department to punish foreign banks that conduct “substantial” transactions with the country.

Innovative AML Solutions for Financial Institutions

In response to the growing concerns about money laundering, particularly in high-risk areas like North Korea, innovative AML solutions from Sanction Scanner have been developed to help financial institutions comply with their anti-money laundering obligations. The company’s sophisticated technology guarantees that financial institutions can navigate the complex landscape of AML regulations and reduce risks associated with transactions involving high-risk nations like North Korea.

Take Action Today

Contact Sanction Scanner for a demo today to learn more about the future of AML compliance.

Key Points:

• Widespread fraudulent activities in banking in North Korea pose a significant threat to the international financial system.
• The FATF has expressed concerns over the DPRK’s development of nuclear weapons, arms trafficking and proliferation, and human rights violations.
• North Korea remains on the blacklist of high-risk jurisdictions due to ongoing threats from hacking activities and cyber thefts.
• Sanctions have been imposed by the United Nations, the European Union, and the United States against North Korea.
• Innovative AML solutions from Sanction Scanner can help financial institutions comply with their anti-money laundering obligations.