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HC-6.4.40

Conventional bank licensees that conduct business through a branch or subsidiary in other jurisdictions must through the Group Compliance Function:

(a) comply with local laws and regulations;
(b) have Group Compliance policy and procedures;
(c) Conduct annual compliance testing on overseas operations whose total revenue represents 20% or more of the Group's total revenue and on every two years basis for other overseas operations.
Added: January 2019