Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (SOR/2002-184)

157 The prescribed special measures that are required to be taken by a person or entity referred to in subsection 9.6(1) of the Act for the purposes of subsection 9.6(3) of the Act are the development and application of written policies and procedures for

• (a) taking enhanced measures, based on an assessment of the risk, to verify the identity of any person or entity; and

• (b) taking any other enhanced measure to mitigate the risks, including

  • (i) ensuring, at a frequency appropriate to the level of risk, that client identification information and information collected under section 138 is up to date, and

  • (ii) conducting, at a frequency appropriate to the level of risk, the ongoing monitoring of business relationships referred to in section 123.1.