Disrupting Illicit DPRK Bankers and Establishments Laundering Cybercrime and IT Worker Funds

Today, the United States sanctioned two entities and eight people concerned in supporting the Democratic People’s Republic of Korea’s (DPRK) illicit schemes to launder funds, together with these derived from cybercrime and knowledge expertise (IT) employee fraud. 

Included in at the moment’s motion are Ryujong Credit Bank, a North Korea-based monetary establishment that supplied monetary help to sanctions- evasion actions between China and North Korea, in addition to a North Korea-based IT firm that operates IT staff in China, Korea Mangyongdae Computer Technology Company and its president U Yong Su.  Jang Kuk Chol and Ho Chong Son, two North Korean bankers who’ve managed funds on behalf of the U.S-designated First Credit Bank, together with funds linked to a ransomware actor that beforehand focused U.S. victims, are additionally designated. Finally, 5 North Korean monetary establishment representatives—Ho Yong Chol, Han Hong Gil, Jong Sung Hyok, Choe Chun Pom, and Ri Jin Hyok—who’ve enabled the DPRK to course of monetary transactions in violation of UN sanctions are additionally designated.

The United States strongly condemns the actions of entities related to the DPRK, together with these supporting the DPRK’s WMD and ballistic missile applications in violation of a number of UN Security Council resolutions (UNSCRs) and enabling related sanctions-evasion actions.  As described within the October 22 report issued by the Multilateral Sanctions Monitoring Team (MSMT), “The DPRK’s Violation and Evasion of UN Sanctions Through Cyber and Information Technology Worker Activities,” the DPRK’s malicious cyber actions and technology of income to fund its illegal WMD and ballistic missile applications by cybercrime, together with cryptocurrency heists and abroad IT work pose a risk to our residents, worldwide safety and the worldwide digital economic system. 

Today’s actions reaffirm our dedication to carry accountable those that goal U.S. residents and profit the DPRK’s illegal weapons applications.  We stand alongside the opposite MSMT taking part states in remaining dedicated to strengthening collective resilience towards such threats.

The Department of Treasury actions had been taken pursuant to Executive Orders 13551; 13694 as additional amended by 13757, 14144, and 14306; 13722; and 13810.  For extra info on at the moment’s motion, please see the Department of the Treasury’s press releases.