Regulations Governing Anti-Money Laundering of Financial Institutions Article 7

A financial institution should perform CDD measures. However, if it is otherwise permitted by laws or regulations of the FSC that a financial institution 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 financial institution relying on the third party shall still bear the ultimate responsibility for CDD measures and comply with the following provisions:1. A financial institution relying on a third party should be able to immediately obtain the necessary CDD information.2. A financial institution should take adequate steps to satisfy itself that copies of identification data and other relevant documentation relating to CDD requirements will be made available from the third party upon request without delay.3. A financial institution shall make sure that the third party it relies on is regulated, supervised or monitored, and has appropriate measures in place for compliance with CDD and record-keeping requirements.4. A financial institution shall make sure that the jurisdiction where the third party it relies on is based has AML/CFT regulations in place consistent with the standards set out by the FATF.