Section 17A(1)

A UK credit or financial institution (“C”) (“the correspondent”) must not establish or continue a correspondent banking relationship with the following (“the respondent”)— if C knows, or has reasonable cause to suspect, that the correspondent banking relationship is with a designated person. a designated person (“D”), a UK credit or financial institution, which is owned or controlled directly or indirectly (within the meaning of regulation 7) by D, or a non-UK credit or financial institution, which is owned or controlled directly or indirectly (within the meaning of regulation 7) by D,

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Source: legislation.gov.uk · retrieved 2026-08-30