OpenLegislation

Regulation 18 UK credit or financial institutions: accounts and correspondent banking relationships etc.I1I2

United Kingdom

(1)

A UK credit or financial institution must not—

(a)

open a bank account with,

(b)

establish a correspondent banking relationship with,

(c)

establish a joint venture with, or

(d)

take an ownership interest in,

a person falling within paragraph (2), if the UK credit or financial institution knows, or has reasonable cause to suspect, that the bank account, correspondent banking relationship or joint 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 DPRK;

(b)

a branch or subsidiary, wherever located, of a credit or financial institution domiciled in the DPRK;

(c)

a credit or financial institution that is not domiciled in the DPRK but is owned or controlled directly or indirectly (within the meaning of regulation 7) by a person domiciled in the DPRK.

(3)

A UK credit or financial institution must not—

(a)

open a representative office of that institution in the DPRK, or

(b)

establish a branch or subsidiary of that institution in the DPRK.

(4)

Paragraphs (1) and (3) are subject to Part 9 (Exceptions and licences).

(5)

A person who contravenes a prohibition in paragraph (1) or (3) commits an offence.

Annotations

Commencement

I1

Reg. 18 not in force at made date, see reg. 1(2)

I2

Reg. 18 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)