Proceeds of Crime (Money Laundering) and Terrorist Financing Act

Marginal note:Information exchange between affiliated entities

• 9.8 (1) Every entity referred to in any of paragraphs 5(a) to (g) that is affiliated with an entity referred to in those paragraphs or with a foreign entity that carries out activities similar to those of entities referred to in those paragraphs shall develop and apply policies and procedures related to the exchange of information between the entity and those affiliated entities for the purpose of detecting or deterring a money laundering offence or a terrorist activity financing offence or of assessing the risk of such an offence.

• Marginal note:Affiliation

  (2) For the purposes of subsection (1), an entity is affiliated with another entity if one of them is wholly owned by the other, if both are wholly owned by the same entity or if their financial statements are consolidated.