Restrictions on holding a DPRK bank account

This page summarises Australia’s current 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, and
  • the Minister has reasonable grounds to believe that the person’s holding of the bank account could contribute to:
    • the nuclear or ballistic missile programs or other weapons of mass destruction programs of the DPRK, or
    • activities prohibited by any United Nations Security Council Resolution regarding 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 a United Nations Security Council Resolution regarding the DPRK.

Regulations 4, 8B and 11C of the Charter of the United Nations (Sanctions — Democratic People’s Republic of Korea) Regulations 2008


Last Updated: 30 November 2016