Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions)
Ordinance
(3) In this section—
branch (分行), in relation to a financial institution, means a branch of the financial institution outside Hong Kong at which it carries on a business similar to that carried on by the financial institution, whether or not the business of the branch is limited by the laws or regulations of the place in which the branch is situated and whether or not the branch is referred to as an agency in that place;
subsidiary undertaking (附屬企業) is to be construed in accordance with the Twenty-third Schedule to the Companies Ordinance (Cap. 32).
23. Financial institutions to prevent contravention of Part 2 or 3 of this Schedule
A financial institution must take all reasonable measures—
- (a) to ensure that proper safeguards exist to prevent a contravention of any requirement under Part 2 or 3 of this Schedule; and
- (b) to mitigate money laundering and terrorist financing risks.
