# The Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) Order 2012, Article 10C: North Korean credit and financial institutions: branches, subsidiaries, and representative offices


(1) A credit or financial institution (“P”) commits an offence if P—
(a) opens a new bank account with;
(b) establishes a new correspondent banking relationship with;
(c) establishes a new joint venture with; or
(d) takes an ownership interest in,
a person who P knows or has reasonable cause to suspect falls within article 10A(4).
(2) A credit or financial institution (“P”) commits an offence if P—
(a) opens a new representative office in North Korea; or
(b) establishes a new branch or subsidiary in North Korea.

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Source: https://www.legislation.gov.uk/uksi/2012/3066/article/10C (the official version)
Page: https://openlegislation.uk/democratic-peoples-republic-of-korea-sanctions-overseas-territories-order-2012/article-10C
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.