Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions)
Ordinance
Schedule 2
A873
Part 2—Division 1
Ord. No. 15 of 2011
- (e) for an individual falling within paragraph (c)(i) of that definition, the individual is entitled to a vested interest in not less than 25% of the capital of the relevant trust property, whether the interest is in possession or in remainder or reversion and whether it is defeasible or not.
3. When customer due diligence measures must be carried out
(1) Subject to section 4 of this Schedule, a financial institution must carry out customer due diligence measures in relation to a customer in the following circumstances—
- (a) subject to subsection (2), before establishing a business relationship with the customer;
- (b) before carrying out for the customer an occasional transaction involving an amount equal to or above $120,000 or an equivalent amount in any other currency, whether the transaction is carried out in a single operation or in several operations that appear to the financial institution to be linked;
- (c) despite paragraph (b), before carrying out for the customer an occasional transaction that is a wire transfer involving an amount equal to or above $8,000 or an equivalent amount in any other currency, whether the transaction is carried out in a single operation or in several operations that appear to the financial institution to be linked;
- (d) when the financial institution suspects that the customer or the customer’s account is involved in money laundering or terrorist financing;
- (e) when the financial institution doubts the veracity or adequacy of any information previously obtained for the purpose of identifying the customer or for the purpose of verifying the customer’s identity.
