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Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

Version of section 54.3 from 2014-01-31 to 2016-06-29:

  •  (1) Any financial entity that is required to ascertain the identity of any person or confirm the existence of any entity in accordance with section 54 or 54.1 shall

    • (a) conduct ongoing monitoring of its business relationship with that person or entity; and

    • (b) keep a record of the measures taken and the information obtained under paragraph (a).

  • (2) This section does not apply in respect of a group plan account held within a dividend reinvestment plan or a distribution reinvestment plan, including a plan that permits purchases of additional shares or units by the member with contributions other than the dividends or distributions paid by the sponsor of the plan, if the sponsor of the plan is an entity whose shares or units are traded on a Canadian stock exchange, and that operates in a country that is a member of the Financial Action Task Force.

  • SOR/2013-15, s. 6
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