Singapore legislation

Regulation 11

of Financial Services and Markets (Sanctions and Freezing of Assets of Persons — Democratic People’s Republic of Korea) Regulations 2023

Regulation 11

Prohibition against certain activities in Democratic People’s Republic of Korea and transactions involving prohibited banks

Subregulation 1

A financial institution must not —

(a)

open any representative office in the Democratic People’s Republic of Korea;

(b)

incorporate or establish any subsidiary in the Democratic People’s Republic of Korea; or

(c)

open any bank account in the Democratic People’s Republic of Korea.

Subregulation 2

Except with the prior written approval of the Authority, a financial institution must not —

(a)

establish or maintain any joint venture with a prohibited bank;

(b)

permit a prohibited bank to acquire any ownership interest in the financial institution;

(c)

acquire any ownership interest in a prohibited bank; or

(d)

establish or maintain a correspondent relationship with a prohibited bank.

Subregulation 3

In paragraph (2), “prohibited bank” means any bank incorporated or established in the Democratic People’s Republic of Korea (including any branch, subsidiary or representative office of any such bank).

Read in full context — Financial Services and Markets (Sanctions and Freezing of Assets of Persons — Democratic People’s Republic of Korea) Regulations 2023 →