Identifier
Created
Classification
Origin
07FRANKFURT1245
2007-03-14 16:01:00
CONFIDENTIAL
Consulate Frankfurt
Cable title:
MEETING WITH DRESDNER BANK ON SUSPECTED DPRK
how-toVZCZCXRO5336 OO RUEHAG RUEHROV DE RUEHFT #1245 0731601 ZNY CCCCC ZZH O 141601Z MAR 07 FM AMCONSUL FRANKFURT TO RUEHC/SECSTATE WASHDC IMMEDIATE 0324 RUEATRS/DEPT OF TREASURY WASHDC IMMEDIATE INFO RUCNMEM/EU MEMBER STATES COLLECTIVE IMMEDIATE RUCNFRG/FRG COLLECTIVE IMMEDIATE
C O N F I D E N T I A L FRANKFURT 001245
SIPDIS
SIPDIS
E.O. 12958: DECL: TEN YEARS
TAGS: EFIN KTFN ETTC GM
SUBJECT: MEETING WITH DRESDNER BANK ON SUSPECTED DPRK
TRANSACTIONS
REF: EDDY-FROATS EMAILS
Classified By: CG Jo Ellen Powell for reason 1.4 (b) and (d)
C O N F I D E N T I A L FRANKFURT 001245
SIPDIS
SIPDIS
E.O. 12958: DECL: TEN YEARS
TAGS: EFIN KTFN ETTC GM
SUBJECT: MEETING WITH DRESDNER BANK ON SUSPECTED DPRK
TRANSACTIONS
REF: EDDY-FROATS EMAILS
Classified By: CG Jo Ellen Powell for reason 1.4 (b) and (d)
1. (C) SUMMARY. Post called the attention of Dresdner Bank
to information that it may have facilitated (intentionally or
not) a transaction for OFAC-designated Tanchon Commercial
Bank. Dresdner representatives promised to look into the
report and asked for more information (ACTION REQUEST IN PARA
5). END SUMMARY.
2. (U) At Treasury request, Consul General met March 9 with
Klaus Rosenfeld, Chief Financial Officer (responsible of
compliance) for Dresdner Bank, one of Germany's three largest
banks. Rosenfeld was joined by Dr. Dirk Scherp, Dresdner's
head of compliance / Anti-Money Laundering.
3. (C) Per REF, CG told Rosenfeld we suspect individuals
affiliated with a North Korean trading firm used Dresdner
Bank as an intermediary for a payment made to Tanchon
Commercial Bank, an institution closely related to KOMID and
designated under Executive Order 13382. Rosenfeld expressed
surprise and instructed Scherp to investigate fully with the
goal of establishing whether Dresdner had had any dealings,
however tangentially, with an OFAC-designated entity.
Rosenfeld remarked that it is Dresdner's policy not to deal
with rogue states including North Korea and Myanmar; given
the small sums involved, Dresdner has no incentive to invite
trouble via such dealings. Rosenfeld expressed Dresdner's
desire to be thorough and forthcoming in looking into any
suspect transaction(s) and to share that information with
U.S. authorities to the utmost extent possible.
4. (SBU) According to Scherp, Dresdner's corporate board
resolved in October 2006 not to have dealings with North
Korea and other rogue states (in the case of Iran, Dresdner
stopped conducting dollar transactions). The only exceptions
to Dresdner's policy not to do business with such states is
in accepting payments for well-known German and international
customers "for instance, the German operations of Coca-Cola"
where the nature of the transaction can be established beyond
doubt. Even before then, it was Dresdner Board policy to
pre-screen transactions to determine whether they would
involve OFAC-designated "specially-designated nationals"
(SDN's) at some point in the chain.
ACTION REQUEST
--------------
5. (SBU) If possible, Dresdner Bank would appreciate any
additional information the USG can provide about suspect
transaction(s) conducted directly or indirectly with DPRK
affiliates.
6. (U) This cable was coordinated with Embassy Berlin.
POWELL
SIPDIS
SIPDIS
E.O. 12958: DECL: TEN YEARS
TAGS: EFIN KTFN ETTC GM
SUBJECT: MEETING WITH DRESDNER BANK ON SUSPECTED DPRK
TRANSACTIONS
REF: EDDY-FROATS EMAILS
Classified By: CG Jo Ellen Powell for reason 1.4 (b) and (d)
1. (C) SUMMARY. Post called the attention of Dresdner Bank
to information that it may have facilitated (intentionally or
not) a transaction for OFAC-designated Tanchon Commercial
Bank. Dresdner representatives promised to look into the
report and asked for more information (ACTION REQUEST IN PARA
5). END SUMMARY.
2. (U) At Treasury request, Consul General met March 9 with
Klaus Rosenfeld, Chief Financial Officer (responsible of
compliance) for Dresdner Bank, one of Germany's three largest
banks. Rosenfeld was joined by Dr. Dirk Scherp, Dresdner's
head of compliance / Anti-Money Laundering.
3. (C) Per REF, CG told Rosenfeld we suspect individuals
affiliated with a North Korean trading firm used Dresdner
Bank as an intermediary for a payment made to Tanchon
Commercial Bank, an institution closely related to KOMID and
designated under Executive Order 13382. Rosenfeld expressed
surprise and instructed Scherp to investigate fully with the
goal of establishing whether Dresdner had had any dealings,
however tangentially, with an OFAC-designated entity.
Rosenfeld remarked that it is Dresdner's policy not to deal
with rogue states including North Korea and Myanmar; given
the small sums involved, Dresdner has no incentive to invite
trouble via such dealings. Rosenfeld expressed Dresdner's
desire to be thorough and forthcoming in looking into any
suspect transaction(s) and to share that information with
U.S. authorities to the utmost extent possible.
4. (SBU) According to Scherp, Dresdner's corporate board
resolved in October 2006 not to have dealings with North
Korea and other rogue states (in the case of Iran, Dresdner
stopped conducting dollar transactions). The only exceptions
to Dresdner's policy not to do business with such states is
in accepting payments for well-known German and international
customers "for instance, the German operations of Coca-Cola"
where the nature of the transaction can be established beyond
doubt. Even before then, it was Dresdner Board policy to
pre-screen transactions to determine whether they would
involve OFAC-designated "specially-designated nationals"
(SDN's) at some point in the chain.
ACTION REQUEST
--------------
5. (SBU) If possible, Dresdner Bank would appreciate any
additional information the USG can provide about suspect
transaction(s) conducted directly or indirectly with DPRK
affiliates.
6. (U) This cable was coordinated with Embassy Berlin.
POWELL