Block Access to North Korea Act of 2016 or BANK Act of 2016

This bill requires the President to impose sanctions pursuant to the International Emergency Economic Powers Act, with specified waiver authority, against a person that continues to knowingly and directly provide specialized financial messaging services to, or to knowingly enable or facilitate access to such messaging services for:

• the Central Bank of the Democratic People's Republic of Korea (North Korea),
• a financial institution that facilitates any transaction or provides significant financial services for nuclear development or proliferation on North Korea's behalf, or
• a person identified on the list of specially designated nationals and blocked persons maintained by the Department of the Treasury's Office of Foreign Assets Control for assisting North Korea's nuclear development or proliferation efforts.