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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.

Implementing legislation

Last Updated: 8 August 2017
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