Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions)
Ordinance
Schedule 2
A887
Part 2—Division 1
Ord. No. 15 of 2011
- (a) that is an institution located in a place outside Hong Kong carrying on a business similar to that carried on by an authorized institution; and
- (b) with which the first-mentioned authorized institution has established a correspondent banking relationship before the date of commencement of this Ordinance.
(2) An authorized institution must terminate its correspondent banking relationship with a respondent bank on the date of commencement of this Ordinance unless—
- (a) it had carried out the measures set out in section 14(1) of this Schedule in relation to the respondent bank at some time before that date and was at that time satisfied that the anti-money laundering and anti-terrorist financing controls of the respondent bank were adequate and effective;
- (b) it had documented its responsibilities and the responsibilities of the respondent bank before that date; and
- (c) it was satisfied at some time before that date that, in respect of those of the respondent bank’s customers who could directly operate the accounts it maintained for the respondent bank, the respondent bank—
- (i) had verified the identities of those customers, and would continuously monitor its business relationships with those customers, in accordance with requirements similar to those imposed under this Schedule; and
- (ii) was able to provide to it, on request, the documents, data or information obtained by the respondent bank in relation to those customers in accordance with requirements similar to those imposed under this Schedule.
