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Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

Version of section 57.1 from 2017-06-17 to 2020-07-28:

  •  (1) Subject to section 62 and subsection 63(5), a securities dealer shall, in accordance with subsection 67.1(3), take reasonable measures to determine whether a person for whom they open an account is a politically exposed foreign person, a politically exposed domestic person, a head of an international organization, a family member of one of those persons or a person who is closely associated with a politically exposed foreign person.

  • (2) Subject to section 62 and subsection 63(5), a securities dealer shall take reasonable measures on a periodic basis to determine whether an account holder is a politically exposed foreign person, a politically exposed domestic person, a head of an international organization, a family member of one of those persons or a person who is closely associated with a politically exposed foreign person.

  • (3) Subject to section 62 and subsection 63(5), if a securities dealer or any of their employees or officers detects a fact that constitutes reasonable grounds to suspect that an account holder is a politically exposed foreign person, a politically exposed domestic person, a head of an international organization or a family member of, or person who is closely associated with, one of those persons, the securities dealer shall, in accordance with subsection 67.1(3), take reasonable measures to determine whether the account holder is such a person.

  • SOR/2007-122, s. 55
  • SOR/2016-153, s. 46
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