Regulations Governing Anti-Money Laundering and Countering the Financing of Terrorism for Certified Public Accountants Article 11

A CPA shall perform his or her own CDD operations. However if it is otherwise permitted by law or the FSC that a CPA may reply on third parties to perform the identification and verification of the identities of customers, agents and beneficial owners or the purpose and intended nature of the business relationship, the CPA relying on the third party shall still bear the ultimate responsibility for CDD measures and comply with the following provisions:1. A CPA relying on a third party shall be able to immediately obtain the necessary CDD information.2. A CPA shall take adequate steps to satisfy itself that copies of identification data and other relevant documentation relating to the CDD requirements will be made available from the third party upon request without delay.3. A CPA shall make sure that the third party he or she relies on is regulated, supervised or monitored, and has appropriate measures in place for compliance with CDD and record-keeping requirements.4. A CPA shall make sure that the jurisdiction where the third party that the CPA relies on is located has AML/CFT regulations in place that are consistent with the standards set out by the FATF.