Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions)
Ordinance
Schedule 2
A895
Part 2—Division 2
Ord. No. 15 of 2011
- (iii) an authority in a place outside Hong Kong that performs functions similar to those of the relevant authority or any other relevant authority; or
- (iv) any other reliable and independent source that is recognized by the relevant authority; and
- (b) where the beneficiary is a legal person or trust—
- (i) identifying its beneficial owners; and
- (ii) if there is a high risk of money laundering or terrorist financing having regard to the particular circumstances of the beneficial owners, taking reasonable measures to verify the beneficial owners’ identities so that the financial institution knows who the beneficial owners are.
12. Special requirements for wire transfers
(1) Subject to subsection (2), this section applies to a wire transfer involving an amount equal to or above $8,000 or an equivalent amount in any other currency, that is carried out by a financial institution.
(2) This section does not apply to the following wire transfers—
- (a) a wire transfer between two financial institutions if each of them acts on its own behalf;
- (b) a wire transfer between a financial institution and a foreign institution if each of them acts on its own behalf;
- (c) a wire transfer if—
- (i) it arises from a transaction that is carried out using a credit card or debit card (such as withdrawing money from a bank account through an automated teller machine with a debit card, obtaining a cash advance on a credit card, or
