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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 31 December 2020 - onwards
  Version 2 of 2    

Regulation 19 UK credit or financial institutions: severance of existing financial relationships

(1) A UK credit or financial institution must -

(a) close any bank account with,

(b) terminate any correspondent banking relationship with,

(c) terminate any joint venture with, and

(d) relinquish any ownership interest in, a person falling within regulation 18(2).

(2) A UK credit or financial institution must -

(a) close any representative office of that institution in the DPRK; and

(b) close any branch or subsidiary of that institution in the DPRK.

(3) Paragraphs (1) and (2) are subject to Part 9 (Exceptions and licences).

(4) A person who fails to comply with a requirement in paragraph (1) or (2) commits an offence.

Comparing proposed amendment...