Frequently Asked Questions

462 … Yes. Section 510.511 of the North Korea Sanctions Regulations authorizes U.S. depository institutions (including banks), U.S.-registered brokers or dealers in securities, and U.S.-registered money transmitters to process non-commercial, personal remittances to or from North Korea, or for or… Read more

463 … Yes. Section 510.512(a) of the North Korea Sanctions Regulations, 31 CFR part 510 (NKSR), authorizes NGOs that have filed the report specified in § 510.512 to conduct transactions that are ordinarily incident and necessary to the following activities: activities to support humanitarian… Read more

464 … While OFAC sanctions do not prohibit U.S. persons from traveling to or from North Korea, as of September 1, 2017, U.S. passports are invalid for travel into, in, or through North Korea. However, in limited circumstances, applicants may be eligible for a Special Validation Passport from the… Read more

465 … Section 510.510 of the North Korea Sanctions Regulations authorizes the provision of goods or services in the United States to employees of the official mission of the Government of North Korea to the United Nations or employees of the United Nations, their families, or other persons forming… Read more

525 … E.O. 13810 provides the Secretary of the Treasury, in consultation with the Secretary of State, additional tools to disrupt North Korea’s ability to fund its weapons of mass destruction (WMD) and ballistic missile programs. Specifically, E.O. 13810: (1) establishes several new designation… Read more

526 … Section 3 of E.O. 13810 , as implemented in 31 C.F.R. § 510.201(d), authorizes the Secretary of the Treasury to determine that a foreign bank account is owned or controlled by a North Korean person or has been used to transfer funds in which any North Korean person has an interest, and to… Read more

555 … Foreign financial institutions have for some time been prohibited from engaging in most North Korea-related transactions that transit the U.S. financial system. In addition, as described in § 510.201(a)(3)(vi) of the NKSR, sanctionable activities of a foreign financial institution include, on… Read more

922 … E.O. of September 17, 2021 provides for the imposition of menu-based sanctions on foreign persons determined by the Secretary of the Treasury, in consultation with the Secretary of State, to meet certain criteria under the order, including foreign persons determined to be responsible for or… Read more

923 … No.  Unless an entity is itself a sanctioned person (as defined in E.O. of September 17, 2021 ) and listed separately on OFAC’s Specially Designated Nationals and Blocked Persons List (SDN List), it is not blocked pursuant to E.O. of September 17, 2021.  OFAC’s 50 Percent Rule does not apply… Read more

924 … No.  If a person is listed on OFAC’s Non-SDN Menu-Based Sanctions List (NS-MBS List) as subject to only one or more of the sanctions described in section 2(a)(i)(B) – (E) of E.O. of September 17, 2021, these non-blocking sanctions do not apply to an entity owned in whole or in part,… Read more