BSP warns banks on dealing with NKoreans on UNSC list

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Banks and other financial institutions must exercise vigilance when transacting with North Korean individuals and entities sanctioned by the United Nations Security Council (UNSC), the Bangko Sentral ng Pilipinas (BSP) said.

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Incoming BSP Governor Nestor Espenilla Jr. said the central bank, in coordination with the Department of Foreign Affairs, fully supports the UNSC Resolution which imposes sanction on the Democratic People’s Republic of Korea (DPRK).

The central bank, “within the bounds of banking laws, rules and regulations, advises BSP-supervised financial institutions (BSFIs) to closely monitor and exercise vigilance on any financial transactions with the individuals and entities referred to in UNSCR No. 2321 dated 30 November 2016, specifically Annexes I and II, thereof,” he said.

In the resolution dated November 30, 2016, the UNSC expressed its gravest concern at the nuclear test by the DPRK on September 9, 2016.

The UNSC reaffirmed that proliferation of nuclear, chemical and biological weapons, as well as their means of delivery, constitutes a threat to international peace and security.

The resolution lists individuals and entities covered by a travel ban and whose assets have been frozen.
Most of the individuals on the list are North Korean ambassadors and those supporting the Korea Mining Development Trading Corp. (KOMID), which was previously identified as a primary arms dealer for the North Korean government.

Also on the list are North Korean government-run banks, other financial institutions and trading firms connected with either KOMID or DPRK’s military.

“BSFIs are likewise advised to report, to the appropriate supervising department of the Supervision and Examination Sector and to the Anti-Money Laundering Council, any known information, such as name, nature of transaction, amount involved, and date, regarding the cited individuals and entities, referred to in UNSCR No. 2321 (2016),” Espenilla said.

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