Proceeds of Crime (Money Laundering) and Terrorist Financing Act

Marginal note:Foreign subsidiaries

• 9.7 (1) Every 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 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 entity shall keep and retain a record of that fact in accordance with section 6.