Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions)
Ordinance
Schedule 2
A883
Part 2—Division 1
Ord. No. 15 of 2011
- (a) reviewing from time to time documents, data and information relating to the customer that have been obtained by the financial institution for the purpose of complying with the requirements imposed under this Part to ensure that they are up-to-date and relevant;
- (b) conducting appropriate scrutiny of transactions carried out for the customer to ensure that they are consistent with the financial institution’s knowledge of the customer and the customer’s business and risk profile, and with its knowledge of the source of the customer’s funds; and
- (c) identifying transactions that—
- (i) are complex, unusually large in amount or of an unusual pattern; and
- (ii) have no apparent economic or lawful purpose,
- and examining the background and purposes of those transactions and setting out its findings in writing.
(2) When a financial institution carries out its duty under subsection (1)(a) in relation to a pre-existing customer before it first carries out the customer due diligence measures in relation to the customer in accordance with the requirements under this Part, the financial institution is only required to review the documents, data and information relating to the customer that are held by it at the time it conducts the review.
(3) If—
- (a) a customer of a financial institution has not been physically present for identification purposes;
- (b) a customer, or a beneficial owner of a customer, of a financial institution is known to the financial institution, from publicly known information or information in its possession, to be a politically exposed person; or
