Page:Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Cap. 615).pdf/130

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

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(d) it is satisfied that, in respect of those of the proposed respondent bank’s customers who will be able to directly operate the accounts it is to maintain for the proposed respondent bank, the proposed respondent bank—

(i) will verify the identities of those customers, and will continuously monitor its business relationships with those customers, in accordance with requirements similar to those imposed under this Schedule; and

(ii) will be able to provide to it, on request, the documents, data or information obtained by the proposed respondent bank in relation to those customers in accordance with requirements similar to those imposed under this Schedule.

15. Special requirements in other high risk situations

A financial institution must, in a situation specified by the relevant authority in a notice in writing given to the financial institution and in any other situation that by its nature may present a high risk of money laundering or terrorist financing—

(a) where a business relationship is to be established—

(i) obtain approval from its senior management to establish the business relationship; and

(ii) either—

(A) take reasonable measures to establish the relevant customer’s or beneficial owner’s source of wealth and the source of the funds that will be involved in the business relationship; or

(B) take additional measures to mitigate the risk of money laundering or terrorist financing involved;