Page:Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Cap. 615).pdf/122

Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance Schedule 2 Part 2—Division 2 11. Special requirements for insurance policies

(1) A financial institution must, whenever a beneficiary or a new beneficiary is identified or designated by the policy holder of an insurance policy—
 * (a) if the beneficiary is identified by name, record the name of the beneficiary;
 * (b) if the beneficiary is designated by description or other means, obtain sufficient information about the beneficiary to satisfy itself that it will be able to establish the identity of the beneficiary—
 * (i) at the time the beneficiary exercises a right vested in the beneficiary under the insurance policy; or
 * (ii) at the time of payout or, if there is more than one payout, the time of the first payout to the beneficiary in accordance with the terms of the insurance policy,
 * whichever is the earlier.

(2) A financial institution must carry out the measures specified in subsection (3)—
 * (a) at the time a beneficiary exercises a right vested in the beneficiary under an insurance policy; or
 * (b) at the time of payout or, if there is more than one payout, the time of the first payout to a beneficiary in accordance with the terms of an insurance policy,

whichever is the earlier.

(3) The specified measures are—
 * (a) verifying the beneficiary’s identity on the basis of documents, data or information provided by—
 * (i) a governmental body;
 * (ii) the relevant authority or any other relevant authority;