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Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

Version of section 67.2 from 2008-06-23 to 2017-06-16:

  •  (1) A financial entity, life insurance company or life insurance broker or agent or money services business that has determined under paragraph 54.2(c), section 56.1 or paragraph 59(5)(a) that a person is a politically exposed person shall take reasonable measures to establish the source of the funds that have been used for the transaction in question.

  • (2) Where a financial entity, life insurance company, life insurance broker or agent or money services business has determined under paragraph 54.2(c) or (d), section 56.1 or subsection 59(5) that a person is a politically exposed foreign person, a member of senior management shall review the transaction in question in accordance with subsection (3).

  • (3) The determination, referred to in paragraphs 54.2(c) and (d), section 56.1 and subsection 59(5), as to whether a person is a politically exposed foreign person and the review of a transaction referred to in subsection (2) shall be completed within 14 days after the day on which the transaction occurred.

  • SOR/2007-122, s. 66
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