Proceeds of Crime (Money Laundering) and Terrorist Financing Act (S.C. 2000, c. 17)

Act current to 2013-05-20 and last amended on 2011-02-14. Previous Versions

Marginal note:Electronic funds transfer

9.5 Every person or entity that is referred to in section 5 and that is prescribed shall, in respect of a prescribed electronic funds transfer that occurs in the course of their financial activities,

  • (a) include with the transfer the name, address, and account number or other reference number, if any, of the client who requested it, and any prescribed information;

  • (b) take reasonable measures to ensure that any transfer that the person or entity receives includes that information; and

  • (c) take any prescribed measures.

  • 2006, c. 12, s. 8.
Marginal note:Compliance program

  • 9.6 (1) Every person or entity referred to in section 5 shall establish and implement, in accordance with the regulations, a program intended to ensure their compliance with this Part.

  • Marginal note:Risk assessment

    (2) The program shall include the development and application of policies and procedures for the person or entity to assess, in the course of their activities, the risk of a money laundering offence or a terrorist activity financing offence.

  • Marginal note:Special measures

    (3) If the person or entity considers that the risk referred to in subsection (2) is high, the person or entity shall take prescribed special measures for identifying clients, keeping records and monitoring financial transactions in respect of the activities that pose the high risk.

  • 2006, c. 12, s. 8.
Marginal note:Foreign subsidiaries

  • 9.7 (1) Every person or entity referred to in any of paragraphs 5(a) to (g), except for authorized foreign banks within the meaning of section 2 of the Bank Act and for authorized foreign companies within the meaning of section 2 of the Insurance Companies Act, shall ensure that their wholly owned subsidiaries, that are located in a country that is not a member of the Financial Action Task Force and that carry out activities similar to those of persons and entities referred to in those paragraphs, develop and apply policies and procedures that are consistent with the requirements of sections 6, 6.1 and 9.6 when the laws of the country permit it.

  • Marginal note:Record keeping

    (2) If the development or application by a subsidiary of a policy or procedure referred to in subsection (1) would contravene the laws of the country in which the subsidiary is located, the person or entity shall keep and retain a record of that fact in accordance with section 6.

  • Definition of “Financial Action Task Force”

    (3) For the purposes of this section, “Financial Action Task Force” means the Financial Action Task Force on Money Laundering established in 1989.

  • 2006, c. 12, s. 8.