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The Democratic People’s Republic of Korea (European Union Financial Sanctions) Regulations 2017

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This is the original version (as it was originally made).

Credit and financial institutions: accounts and correspondent banking relationships

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10.—(1) A credit or financial institution falling within the scope of Article 16 of the Council Regulation must not—

(a)open a new bank account with,

(b)establish a new correspondent banking relationship with,

(c)establish a new joint venture with, or

(d)take an ownership interest in,

a person falling within paragraph (2), if the credit or financial institution knows or has reasonable cause to suspect that the account, relationship or venture is with, or the ownership interest is in, a person falling within paragraph (2).

(2) The following persons fall within this paragraph—

(a)a credit or financial institution domiciled in the Democratic People’s Republic of Korea;

(b)a branch or subsidiary, wherever located, of a credit or financial institution domiciled in the Democratic People’s Republic of Korea as listed in Annex VI of the Council Regulation;

(c)a credit or financial institution that is neither domiciled in the Democratic People’s Republic of Korea nor falls within the scope of Article 16 of the Council Regulation, but is controlled by a person, entity or body domiciled in the Democratic People’s Republic of Korea, as listed in Annex VI of the Council Regulation.

(3) A credit or financial institution falling within the scope of Article 16 of the Council Regulation must not—

(a)open a new representative office in the Democratic People’s Republic of Korea, or

(b)establish a new branch or subsidiary in the Democratic People’s Republic of Korea.

(4) Paragraph 1(b) to (d) are subject to regulation 23.

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