Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions)
Ordinance
Part 5—Division 1
A733
Section 25
Ord. No. 15 of 2011
- (ii) is, directly or indirectly, entitled to exercise or control the exercise of not less than 10% of the voting rights in the partnership; or
- (iii) exercises ultimate control over the management of the partnership; and
- (c) in relation to a corporation, means an individual who—
- (i) owns or controls, directly or indirectly, including through a trust or bearer share holding, not less than 10% of the issued share capital of the corporation;
- (ii) is, directly or indirectly, entitled to exercise or control the exercise of not less than 10% of the voting rights at general meetings of the corporation; or
- (iii) exercises ultimate control over the management of the corporation.
25. Persons to whom this Part does not apply
This Part does not apply to the Government nor to—
- (a) an authorized institution;
- (b) a licensed corporation that operates a money service that is ancillary to the corporation’s principal business;
- (c) an authorized insurer that operates a money service that is ancillary to the insurer’s principal business;
- (d) an authorized insurance broker that operates a money service that is ancillary to the broker’s principal business; or
- (e) an appointed insurance agent that operates a money service that is ancillary to the agent’s principal business.
