Democratic People's Republic of Korea (North Korea)
Restrictions on holding a DPRK bank account
This page summarises Australia's restrictions on holding a bank account with a DPRK financial institution.
UNSC sanctions regime
The Minister for Foreign Affairs may, by written notice, direct a person to close a bank account if:
- the account provider is:
- a financial institution domiciled in the DPRK
- a branch or subsidiary, wherever located, of a financial institution domiciled in the DPRK, or
- a financial institution, wherever domiciled, that is controlled by an entity or person domiciled in the DPRK.
A person who receives a direction from the Minister to close a bank account must comply with that direction.
The Minister need not give such a direction if the Committee has determined that the account:
- is used to pay funds to ensure the delivery of humanitarian assistance
- involves the activities of a diplomatic mission in the DPRK
- involves the activities of the UN or a specialized agency or related organization of the UN, or
- is for a purpose consistent with UNSC resolution 2321.