Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions)
Ordinance
(5) Subsection (3)(a) expires at the end of 3 years beginning on the date of commencement of this Ordinance.
(6) Nothing in this section prevents a financial institution from carrying out a customer due diligence measure by its agent but such a financial institution remains liable under this Ordinance for a failure to carry out that customer due diligence measure.
(7) In this section—
certified public accountant (會計師) has the meaning given by section 2(1) of the Professional Accountants Ordinance (Cap. 50).
19. Financial institutions to establish procedures
(1) A financial institution must establish and maintain effective procedures for determining whether a customer or a beneficial owner of a customer is a politically exposed person.
(2) A financial institution that carries out wire transfers must establish and maintain effective procedures for identifying and handling wire transfers in relation to which section 12(5) of this Schedule has not been complied with.
(3) A financial institution must, in respect of each kind of customer, business relationship, product and transaction, establish and maintain effective procedures not inconsistent with this Ordinance for the purpose of carrying out its duties under sections 3, 4, 5, 9, 10 and 15 of this Schedule.
