Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

54.2 Subject to section 62 and subsection 63(5), every financial entity shall

• (a) in accordance with subsection 67.1(2), take reasonable measures to determine whether a person for whom the financial entity opens an account is a politically exposed foreign person;

• (b) take reasonable measures, based on the level of the risk referred to in subsection 9.6(2) of the Act, to determine whether a person who is an existing account holder is a politically exposed foreign person;

• (c) in accordance with subsection 67.2(3), take reasonable measures to determine whether the person who initiates an electronic funds transfer of $100,000 or more is a politically exposed foreign person; and

• (d) in accordance with subsection 67.2(3), take reasonable measures to determine whether the person who is the beneficiary of an electronic funds transfer of $100,000 or more is a politically exposed foreign person.