Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions)
Ordinance
Schedule 2
A881
Part 2—Division 1
Ord. No. 15 of 2011
- (b) an insurance policy for the purposes of a provident, pension, retirement or superannuation scheme (however described) that does not contain a surrender clause and cannot be used as a collateral; or
- (c) a life insurance policy in respect of which—
- (i) an annual premium of no more than $8,000 or an equivalent amount in any other currency is payable; or
- (ii) a single premium of no more than $20,000 or an equivalent amount in any other currency is payable.
(6) If a customer of a financial institution is a solicitor or a firm of solicitors, the financial institution is not required, in any of the circumstances set out in section 3(1)(a), (b) and (c) of this Schedule, to carry out the measure set out in section 2(1)(b) of this Schedule in relation to an account—
- (a) that is kept in the name of the customer;
- (b) in which moneys or securities of the customer’s clients are mingled; and
- (c) that is managed by the customer as those clients’ agent.
(7) In this section—
securities (證券) has the meaning given by section 1 of Part 1 of Schedule 1 to the Securities and Futures Ordinance (Cap. 571).
5. Duty to continuously monitor business relationships
(1) A financial institution must continuously monitor its business relationship with a customer by—
