US judge request Chinese banks to produce information in regards to North Korea

A USA judge produced a request for information ordering three Chinese Banks to deliver transactional information linked to violations if the sanctions regime, in specific, linked to North Korea.

As per the subpoenas produced, record of transactions supporting or in favour or specifically target entities should be hand over in oder to determine if such transactions violated the sanctions regime and to define if Hong Kong was willingly supporting North Korea state owned entities.

The judge noted that US official failed to obtain information during visits to the banks in China.

Two of the three banks hold branches in the US and the three of them are partially state owned.

The ones with US branches were ordered to appear in court to testify in front of the jury while the third was to produce the information object of the rolling by end of March.

The reported information does not conclude if this deadline was respected.



Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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