(1) A credit or financial institution falling within the scope of Article 1 of the Council Regulation must not open a new bank account for -
(a) a diplomatic mission or consular post of the Democratic People’s Republic of Korea, or
(b) a national of the Democratic People’s Republic of Korea who is a member of such a diplomatic mission or consular post.
(2) A credit or financial institution falling within the scope of Article 1 of the Council Regulation must close any bank account by 11th April 2017 which is held or controlled by -
(a) a diplomatic mission or consular post of the Democratic People’s Republic of Korea, or
(b) a national of the Democratic People’s Republic of Korea who is a member of such a diplomatic mission or consular post.
(3) Paragraphs (1) and (2) are subject to regulation 23.