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Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

Version of section 54.2 from 2008-06-23 to 2017-06-16:


 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.

  • SOR/2007-122, s. 50
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