Government of Canada / Gouvernement du Canada
Symbol of the Government of Canada

Search

Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

Version of section 67.1 from 2008-06-23 to 2017-06-16:

  •  (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.

  • SOR/2007-122, s. 66
Date modified: