Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

67.1 (1) A financial entity or securities dealer that has determined under paragraph 54.2(a) or (b) or section 57.1 that a person is a politically exposed foreign person shall

• (a) take reasonable measures to establish the source of the funds that have been, will be or are expected to be deposited in the account in question;

• (b) subject to subsections (2) and (3), obtain the approval of senior management to keep the account open; and

• (c) conduct enhanced ongoing monitoring of the activities in respect of the account for the purpose of detecting transactions that are required to be reported to the Centre under section 7 of the Act.

(2) The determination referred to in paragraph 54.2(a) and section 57.1(1) as to whether a person is a politically exposed foreign person shall be made, and the approval referred to in paragraph (1)(b) shall be obtained, within 14 days from the day on which the account is activated.

(3) The approval referred to in paragraph (1)(b) shall be obtained within 14 days after the day on which a financial entity or securities dealer has determined under paragraph 54.2(b) or subsection 57.1(2) that a person is a politically exposed foreign person.