Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (SOR/2002-184)

123.1 A person or entity referred to in section 5 of the Act that enters into a business relationship with a client shall periodically conduct, based on a risk assessment referred to in subsection 9.6(2) of the Act that is undertaken in accordance with paragraph 156(1)(c) of these Regulations, ongoing monitoring of that business relationship for the purpose of

• (a) detecting any transactions that are required to be reported in accordance with section 7 of the Act;

• (b) keeping client identification information and the information referred to in sections 138 and 145 of these Regulations up to date;

• (c) reassessing the level of risk associated with the client’s transactions and activities; and

• (d) determining whether transactions or activities are consistent with the information obtained about their client, including the risk assessment of the client.