Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions)
Ordinance
Schedule 2
A911
Part 2—Division 3
Ord. No. 15 of 2011
- (b) where a business relationship has been established—
- (i) obtain approval from its senior management to continue the business relationship;
- (ii) if there is a beneficial owner in relation to the relevant customer, take reasonable measures to verify the beneficial owner’s identity so that the financial institution is satisfied that it knows who the beneficial owner is; and
- (iii) 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 are involved in the business relationship; or
- (B) take additional measures to mitigate the risk of money laundering or terrorist financing involved; or
- (c) where an occasional transaction is to be carried out, take additional measures to mitigate the risk of money laundering or terrorist financing involved.
Division 3
Prohibitions
16. Anonymous accounts etc.
A financial institution must not open, or maintain, any anonymous account or account in a fictitious name for any customer.
