# The Democratic People's Republic of Korea (Sanctions) (EU Exit) Regulations 2019, Regulation 19: UK credit or financial institutions: severance of existing financial relationships

Extent: E+W+S+N.I.

(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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Source: https://www.legislation.gov.uk/uksi/2019/411/regulation/19 (the official version)
Page: https://openlegislation.uk/democratic-peoples-republic-of-korea-sanctions-eu-exit-regulations-2019/regulation-19
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.