Regulation 17B UK credit or financial institutions: accounts and corresponding banking relationships etc.F1

A UK credit or financial institution must not—

a person falling within paragraph (5), 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 a person falling within paragraph (5).

A UK credit or financial institution must not—

A person (“P”) must not—

A person falling within paragraph (5) must not directly or indirectly acquire or extend a participation, or acquire any ownership interest, in a UK credit or financial institution.

The following persons fall within this paragraph—

Paragraphs (1), (2), (3) and (4) are subject to Part 6 (Exceptions and licences).

A person who contravenes a prohibition in paragraph (1), (2), (3) or (4) commits an offence.

In this regulation—

• “branch” means, in relation to a credit or financial institution domiciled in Iran, or a UK credit or financial institution, a place of business which forms a legally dependent part of that institution and which carries out all or some of the transactions inherent in the business of that institution;

• “credit or financial institution domiciled in Iran” means—

  1. (a)

     a person, other than an individual, which is domiciled in Iran and which would satisfy the threshold conditions for permission under Part 4A of the Financial Services and Markets Act 2000 if it had its registered office (or if it does not have a registered office, its head office) in the United Kingdom, or

  2. (b)

     an undertaking domiciled in Iran which by way of business—

     1. (i)

        operates a currency exchange,

     2. (ii)

        transmits money (or any representation of monetary value) by any means, or

     3. (iii)

        cashes cheques that are made payable to customers;

• “subsidiary” has the meaning given in section 1159 of the Companies Act 2006;

• “UK credit or financial institution” means—

  1. (a)

     a person that has permission under Part 4A of the Financial Services and Markets Act 2000 (permission to carry on regulated activity), or

  2. (b)

     an undertaking domiciled in the United Kingdom which by way of business—

     1. (i)

        operates a currency exchange office,

     2. (ii)

        transmits money (or any representation of monetary value) by any means, or

     3. (iii)

        cashes cheques that are made payable to customers.