December 04, 2022

US bank fined $105k for violating North Korea sanctions

TD Bank processed over a thousand transactions for North Korean diplomats, apparently unaware it was illegal

A U.S. bank has been fined over $100,000 for illegally processing more than a thousand payments from North Korea and opening accounts for North Korean nationals, according to the Treasury Department.

TD Bank violated sanctions by processing 1,479 transactions worth about $383,000 from employees at the North Korean mission to the United Nations, and maintained nine accounts on behalf of five employees from the mission without a license, Treasury said in a statement released Thursday.