2018 \·'lONEY LAUNDERII<G Ai'H) PROCEl:!DS OF CRnvrE A:Vllii';'DMENT No. 12 ·------------------------------------------------------- (3) The Director General may issue a directive to financial institutions and designated non-financial businesses or professions, pmhibiting or restricting business relationships \Vith other financial institutions or designated non-financial businesses or professions, as specified in such directive, which, in the Director-General's opinion, do not adequately implement measures to combat money Iaunde1ing and ten01ist financing. 10 Amendment of section 21 of Cap. 9:24 Section 21 ("Customer identification and account-opening for cross-border correspondent banking relationships") of the ptincipal Act is amended by the insertion after paragraph (e) of the following paragraphs-"(e 1) satisfy itself that where any of their accounts are accessed by any of the respondent tlnancial institution's customers, the respondent financial institution- 11 (i) has carried out measures equivalent to those set out in sections 15 to 20 in respect of those customers; and (ii) is able to provide the correspondent financial institutions, on request, with all relevant information obtained about those customers as a result of those measures;". Amendment of section 25 of Cap. 9:24 Section 25 ("Internal programmes to combat money laundering and financing of terrorism") of the principal Act is amended(a) in subsection (1) by the inse1iion, after the word ''terrorism" of "taking into account the money laundering and terrorist financing risks and size of the business"; (b) by the repeal of subsection (4) and the substitution of-"(4) A financial institution which is p<ut of a financial group shall, in respect of its majority owned subsidiaries and branches, if any, \Vhether local or foreign, implement group-wide programmes for combating money laundering and terrorist financing, as prescribed by or under this Act, including-- (c) (a) measures set out under subsection (1); (b) IX)licies and procedures for sharing infonnation required for purposes of customer due diligence and money laundering and terrorist financing risk assessment; (c) adequate safeguards on the confidentiality and use of information exchanged." by the insertion of the following subsections after subsection (4)"(5) In respect of its foreign subsidimies or branches, the financial institution shall ensure compliance with the requirements of this section to the extent that applicable laws and regulations in the host country pe1mit. (6) If the laws of the country where the majority owned subsidiary or branch is situated prohibit compliance \Vith these obligations, the financial institution shall so advise its supervisory authmity.". "12 New section inserted in Cap. 9:24 The principal Act is amended by the insertion of the following section after section 26 -- 527