Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions)
Ordinance
- (b) an individual who is the beneficial owner of a legal person or trust that is set up for the benefit of the first-mentioned individual.
(4) For the purposes of this Schedule, a wire transfer is a transaction carried out by an institution (referred to in this Schedule as ordering institution) on behalf of a person by electronic means with a view to making an amount of money available to that person or another person (referred to in this Schedule as recipient) at an institution (referred to in this Schedule as beneficiary institution), which may be the ordering institution or another institution, whether or not one or more other institutions (referred to in this Schedule as intermediary institutions) participate in completion of the transfer of the money.
Part 2
Customer Due Diligence Requirements
Division 1
General
2. What are customer due diligence measures
(1) The following measures are customer due diligence measures applicable to a financial institution—
- (a) identifying the customer and verifying the customer’s identity on the basis of documents, data or information provided by—
- (i) a governmental body;
- (ii) the relevant authority or any other relevant authority;
