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

Today, the United States sanctioned two entities and eight individuals involved in supporting the Democratic People's Republic of Korea's (DPRK) illicit schemes to launder funds, including those derived from cybercrime and information technology (IT) worker fraud.

Included in today's action are Ryujong Credit Bank, a North Korea-based financial institution that provided financial assistance to sanctions- evasion activities between China and North Korea, as well as a North Korea-based IT company that operates IT workers 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 have managed funds on behalf of the U.S-designated First Credit Bank, including funds linked to a ransomware actor that previously targeted U.S. victims, are also designated. Finally, five North Korean financial institution representatives-Ho Yong Chol, Han Hong Gil, Jong Sung Hyok, Choe Chun Pom, and Ri Jin Hyok-who have enabled the DPRK to process financial transactions in violation of UN sanctions are also designated.

The United States strongly condemns the activities of entities associated with the DPRK, including those supporting the DPRK's WMD and ballistic missile programs in violation of multiple UN Security Council resolutions (UNSCRs) and enabling associated sanctions-evasion activities. As described in 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 activities and generation of revenue to fund its unlawful WMD and ballistic missile programs through cybercrime, including cryptocurrency heists and overseas IT work pose a threat to our citizens, international security and the global digital economy.

Today's actions reaffirm our commitment to hold accountable those who target U.S. citizens and benefit the DPRK's unlawful weapons programs. We stand alongside the other MSMT participating states in remaining committed to strengthening collective resilience against such threats.

The Department of Treasury actions were taken pursuant to Executive Orders 13551; 13694 as further amended by 13757, 14144, and 14306; 13722; and 13810. For more information on today's action, please see the Department of the Treasury's press releases.

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