Regulation 5 Exceptions
(1)
It is not an offence under regulation 3 or 4 to credit a frozen account with—
(a)
interest or other earnings due on the account; or
(b)
payments due under contracts, agreements or obligations that were concluded or arose before the account became a frozen account.
(2)
It is not an offence under regulation 4 for a relevant institution to credit a frozen account where it receives funds transferred to the account.
(3)
Regulation 3 applies to any funds credited to a frozen account in accordance with this regulation.
(4)
In this regulation “frozen account” means an account with a relevant institution which is held or controlled by a designated person.