Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions)
Ordinance
- (C) has measures in place to ensure compliance with requirements similar to those imposed under this Schedule; and
- (D) is supervised for compliance with those requirements by authorities in that jurisdiction that perform functions similar to those of the Monetary Authority.
10. Special requirements when customer is politically exposed person
(1) If a financial institution knows, from publicly known information or information in its possession, that a customer or a beneficial owner of a customer is a politically exposed person, it must, before establishing a business relationship with the customer—
- (a) obtain approval from its senior management; and
- (b) take reasonable measures to establish the customer’s or beneficial owner’s source of wealth and the source of the funds that will be involved in the proposed business relationship.
(2) If a financial institution comes to know, from publicly known information or information in its possession, that an existing customer or a beneficial owner of an existing customer is a politically exposed person or has become a politically exposed person, it must not continue its business relationship with the customer unless it—
- (a) has obtained approval from its senior management; and
- (b) has taken reasonable measures to establish the customer’s or beneficial owner’s source of wealth and the source of the funds that are involved in the business relationship.
