Criminal Asset Recovery Order, 2012 · s 28

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s 28Compliance with obligations by foreign subsidiaries and branches

Financial institutions shall require their foreign branches and majority-owned subsidiaries to implement the requirements under this Part to the extent that domestic applicable laws and regulations of the host country so permit. If the law of the country where the branch or majority-owned subsidiary is situated prevent compliance with these obligations, for any reason, the financial institution shall so advise its competent supervisory authority, which may take such steps as it believes to be appropriate to comply with this Order.

Secrecy and confidentiality obligations overridden.