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OFAC updates 490 North Korea-related SDN listings

OFAC has posted a notice that it has added descriptive text to 490 SDN listings to reflect a prohibition on foreign subsidiaries of U.S. financial institutions from knowingly engaging in transactions with SDNs designated under North Korea-related authorities.

The added text reads: "Transactions Prohibited For Persons Owned or Controlled by U.S. Financial Institutions: North Korea Sanctions Regulations section 510.214.” The prohibition was added by the North Korea Sanctions and Policy Enhancement Act (NKSPEA) as modified by the National Defense Authorization Act for Fiscal Year 2020.

For the list of affected SDNs, see OFAC's May 13, 2020, notice.

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