China’s biggest banks bans new North Korean accounts

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China’s biggest banks have banned North Koreans from opening new accounts in an unprecedented move to clamp down on financial flows with the country’s unruly neighbour.

Multiple bank branches, including those of the country’s top four lenders, told the
Financial Times they had imposed a freeze on new accounts for North Korean people and companies. Some are going even further, saying they are cleaning out existing accounts held by North Koreans by forbidding new deposits.

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