No.l2 ]\i!Ol'l"EY LAUNDERING AND PROCEEDS OF CRIME AMENDME'<!:' "26A Higher risk countries ( 1) Financial institutions and designated non-financial businesses or professions shall exercise enhanced due diligence, proportionate to the risk, towards business relationships and transactions with natural and legal persons, including financial institutions, from countries for which this is called for by the Financial Action Task Force, as advised by directive or circular issued by the Financial Intelligence Unit from time to time. (2) Financial institutions and designated non-financial businesses and professions shall apply countermeasures propmtionate to the risk, to business relationships and transactions with natural and legal persons, including financial institutions, from such countries as shall be communicated from time to time through a circular or direc:tive issued by the Financial Intelligence Unit, on its initiative or pursuant to a call to do so by the Financial Action Task Force. (3) The Unit shall, issue circulm:~, updated from time to time as necessary, advising financial institutions and designated non-financial businesses or professions, of countries that do not adequately implement measures to combat money laundering and tetTorist financing, and requiring the financial institutions and designated non-financial businesses or professions, to exercise enhanced due diligence, commensurate with the risks, towards business relationships with legal and natural persons from such jurisdictions.". 13 Amendment of section 27 of Cap. 9:24 Section 27 ("Obligations regarding wire transfers") of the principal Act is repealed and the following is substituted- "27 Obligations regarding wire transfers ( 1) When unde1taking wire transfers equal to or exceeding one thousand United States dollars (or such lesser or greater amount as may be prescribed), financial institutions shall- (a) identify and verify the identity of the originator; and (b) obtain and maintain the account number of the originator or, in the absence of an account number, a unique reference number; and (c) obtain and maintain the originator's address or, in the absence of an address, the originator's national identity number or date and place of birth; and (d) include infotmationrefen·ed to in paragraphs (a), (b) and (c) in the message or payment form accompanying the transfer. (2) For cross-border wire tmnsfer of any amount below one thousand United States dollars, a financial institution shall ensure that such transfer is accompanied by(a) originator information, namcly(i) (ii) the name of the originator; and the originator account number, where such an account is used to process the transaction, or in the absence of an account, a unique transaction reference number which enables traceability of the transaction; and 528 2018