Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions)
Ordinance
Schedule 2
A871
Part 2—Division 1
Ord. No. 15 of 2011
- (D) any other reliable and independent source that is recognized by the relevant authority; and
- (ii) verifying the person’s authority to act on behalf of the customer.
(2) Except where a situation referred to in section 15 of this Schedule exists, if an individual is a beneficial owner of a customer by virtue of paragraph (a)(i)(A) or (B), (b)(i)(A) or (B) or (c)(i) of the definition of beneficial owner in section 1(1) of this Schedule, the financial institution is not required to verify the identity of the individual unless—
- (a) for an individual falling within paragraph (a)(i)(A) of that definition, the individual owns or controls, directly or indirectly, including through a trust or bearer share holding, not less than 25% of the issued share capital of the relevant corporation;
- (b) for an individual falling within paragraph (a)(i)(B) of that definition, the individual is, directly or indirectly, entitled to exercise or control the exercise of not less than 25% of the voting rights at general meetings of the relevant corporation;
- (c) for an individual falling within paragraph (b)(i)(A) of that definition, the individual is entitled to or controls, directly or indirectly, not less than a 25% share of the capital or profits of the relevant partnership;
- (d) for an individual falling within paragraph (b)(i)(B) of that definition, the individual is, directly or indirectly, entitled to exercise or control the exercise of not less than 25% of the voting rights in the relevant partnership; or
