(1) A credit or financial institution falling within the scope of Article 1 of the Council Regulation must not -
(a) open a new bank account with,
(b) establish a new correspondent banking relationship with,
(c) establish a new joint venture with, or
(d) take an ownership interest in,
a person falling within paragraph (2), if the credit or financial institution knows or has reasonable cause to suspect that the account, relationship or venture is with, or the ownership interest is in, a person falling within paragraph (2).
(2) The following persons fall within this paragraph -
(a) a credit or financial institution domiciled in the Democratic People’s Republic of Korea;
(b) a branch or subsidiary, wherever located, of a credit or financial institution domiciled in the Democratic People’s Republic of Korea;
(c) a credit or financial institution that is not domiciled in the Democratic People's Republic of Korea but is controlled by a person, entity or body domiciled in the Democra