Page:Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Cap. 615).pdf/42

Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance Part 5—Division 1 Section 25 ::(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.