Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations
67.2 (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
- Date modified: