Important Measures
Amendments to the Regulations Governing Offshore Securities Branches and the Regulations Governing Offshore Insurance Branches for enhancement of customer due diligence (CDD) measures of offshore securities branches and offshore insurance branches
2017-09-06
To enhance the CDD requirements for offshore securities units (“OSUs”) and offshore insurance units (“OIUs”) and prepare for Asia/Pacific Group on Money Laundering (APG) evaluation the FSC promulgated amendments of the two Regulations on August 18, 2017. The main points of the amendments include strength of the CDD measures of OSU and OIU, stipulation of the process for a third party assisting OSU and OIU with CDD measures, stipulation that an OSU or OIU accepting insurance applications and doing business with customers must not solicit or assist domestic customers to change their status to non-residential status when they apply for insurance, and that a related internal control system should be established.
- Visitor： 699
- Update： 2017-09-06
