For regulation 10(1) of the 2013 Regulations (credit and financial institutions: accounts and correspondent banking relationships) substitute -
“(1) A credit or financial institution 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).”.