Page:Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Cap. 615).pdf/122

Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions)
Ordinance

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11. Special requirements for insurance policies

(1) A financial institution must, whenever a beneficiary or a new beneficiary is identified or designated by the policy holder of an insurance policy—

(a) if the beneficiary is identified by name, record the name of the beneficiary;

(b) if the beneficiary is designated by description or other means, obtain sufficient information about the beneficiary to satisfy itself that it will be able to establish the identity of the beneficiary—

(i) at the time the beneficiary exercises a right vested in the beneficiary under the insurance policy; or

(ii) at the time of payout or, if there is more than one payout, the time of the first payout to the beneficiary in accordance with the terms of the insurance policy,

whichever is the earlier.

(2) A financial institution must carry out the measures specified in subsection (3)—

(a) at the time a beneficiary exercises a right vested in the beneficiary under an insurance policy; or

(b) at the time of payout or, if there is more than one payout, the time of the first payout to a beneficiary in accordance with the terms of an insurance policy,

whichever is the earlier.

(3) The specified measures are—

(a) verifying the beneficiary’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;