Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions)
Ordinance
Part 4
Miscellaneous
22. Duties extended to branches and subsidiary undertakings outside Hong Kong
(1) A financial institution incorporated in Hong Kong must ensure that—
- (a) its branches; and
- (b) its subsidiary undertakings that carry on the same business as a financial institution in a place outside Hong Kong,
have procedures in place to ensure compliance with, to the extent permitted by the law of that place, requirements similar to those imposed under Parts 2 and 3 of this Schedule that are applicable to the financial institution.
(2) If the law of the place at which a branch or subsidiary undertaking of a financial institution carries on business does not permit the application of any procedures relating to any of the requirements referred to in subsection (1), the financial institution must—
- (a) inform the relevant authority accordingly; and
- (b) take additional measures to effectively mitigate the risk of money laundering and terrorist financing faced by the branch or subsidiary undertaking as a result of its inability to comply with the requirement.
