For failing to comply with a court order on a subpoena into their involvement in North Korea, three Chinese banks could lose their access to the U.S. market.
While the court did not identify them, Reuters cited a 2017 civil forfeiture filing which involved the trio of Bank of Communications, China Merchants Bank and Shanghai Pudong Development Bank.
In the 2017 filing, the U.S. Department of Justice accused the banks of using a Hong Kong company, which allegedly laundered over $100 million for North Korea’s sanctioned Foreign Trade Bank, according to the paper.
A spokesperson for China Merchants Bank confirmed the matter but did nor comment. Shanghai Pudong Development Bank and Bank of Communications have not commented on the matter.