Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions)
Ordinance
Part 2
Requirements Relating to Customer Due Diligence and Record-keeping
5. Schedule 2 has effect with respect to financial institutions
(1) Subject to subsections (2), (3) and (4), Schedule 2 has effect with respect to financial institutions.
(2) Schedule 2 has effect with respect to an authorized insurer only in relation to long term business carried on by the insurer.
(3) Schedule 2 has effect with respect to an appointed insurance agent or authorized insurance broker only in relation to any transaction carried out by the appointed insurance agent or authorized insurance broker involving a contract of insurance described in column 3 of Part 2 of the First Schedule to the Insurance Companies Ordinance (Cap. 41).
(4) Schedule 2 does not apply in relation to the issue by an authorized institution of any multi-purpose card as defined by section 2(1) of the Banking Ordinance (Cap. 155) in which the maximum value that can be stored does not exceed $3,000.
(5) If a financial institution knowingly contravenes a specified provision, the financial institution commits an offence and is liable—
- (a) on conviction on indictment to a fine of $1,000,000 and to imprisonment for 2 years; or
- (b) on summary conviction to a fine at level 6 and to imprisonment for 6 months.
