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Proceeds of Crime (Money Laundering) and Terrorist Financing Act

Version of section 9.31 from 2021-06-01 to 2024-05-28:


Marginal note:Prohibition if unregistered

  •  (1) No entity referred to in paragraph 5(a), (b), (d), (e) or (e.1) and no other entity that is referred to in section 5 and that is prescribed shall open or maintain an account for, or have a correspondent banking relationship with, a person or entity referred to in paragraph 5(h.1) unless that person or entity is registered with the Centre under section 11.1.

  • Marginal note:Definition of correspondent banking relationship

    (2) For the purposes of this section, correspondent banking relationship means a relationship created by an agreement or arrangement under which an entity referred to in paragraph 5(a), (b), (d), (e) or (e.1) or an entity that is referred to in section 5 and that is prescribed undertakes to provide to a person or entity referred to in paragraph 5(h.1) prescribed services or international electronic funds transfers, cash management or cheque clearing services.

  • 2014, c. 20, s. 258
  • 2017, c. 20, s. 438

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