Regulation 19 UK credit or financial institutions: severance of existing financial relationshipsI1 I2

United Kingdom

(1)

A UK credit or financial institution must—

(a)

close any bank account with,

(b)

terminate any correspondent banking relationship with,

(c)

terminate any joint venture with, and

(d)

relinquish any ownership interest in,

a person falling within regulation 18(2).

(2)

A UK credit or financial institution must—

(a)

close any representative office of that institution in the DPRK; and

(b)

close any branch or subsidiary of that institution in the DPRK.

(3)

Paragraphs (1) and (2) are subject to Part 9 (Exceptions and licences).

(4)

A person who fails to comply with a requirement in paragraph (1) or (2) commits an offence.

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