The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned eight individuals and two entities for laundering proceeds from Democratic People’s Republic of Korea (DPRK) schemes, including cybercrime and overseas information technology (IT) worker fraud. The action also updates the Specially Designated Nationals and Blocked Persons List entry for First Credit Bank to highlight associated cryptocurrency addresses and activity. Designations include DPRK bankers Jang Kuk Chol and Ho Jong Son for managing funds, including USD 5.3 million in cryptocurrency, on behalf of OFAC-designated First Credit Bank, with links to ransomware activity and DPRK IT worker revenue. OFAC also designated Korea Mangyongdae Computer Technology Company, an IT firm operating IT worker delegations from Shenyang and Dandong in China, and its president U Yong Su, as well as Ryujong Credit Bank for operating in North Korea’s financial services industry; the release also targets China- or Russia-based DPRK bank representatives tied to Korea Daesong Bank, Koryo Commercial Bank, the Foreign Trade Bank, and the Central Bank of the DPRK, citing transaction facilitation ranging from hundreds of thousands of dollars to over USD 85 million across USD, CNY and euros. As a result, property and interests in property of the designated persons that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC, and entities owned 50 percent or more by blocked persons are also blocked. OFAC noted that U.S. persons are generally prohibited from transactions involving blocked persons absent authorization, and that financial institutions and other parties engaging in certain dealings with sanctioned persons may face sanctions exposure or enforcement action.
U.S. Department of the Treasury 2025-11-04
U.S. Department of the Treasury sanctions eight individuals and two entities for laundering DPRK cybercrime and IT worker proceeds
The U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctioned eight individuals and two entities for laundering proceeds from DPRK schemes, including cybercrime and IT worker fraud. The action updates the Specially Designated Nationals and Blocked Persons List, highlighting cryptocurrency activities linked to First Credit Bank. Property of designated persons in the U.S. is blocked, and U.S. persons are generally prohibited from transactions with them without authorization.