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Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

Version of section 71.1 from 2014-01-31 to 2020-10-05:

 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 purpose 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 the risk assessment undertaken in accordance with subsection 9.6(2) of the Act to ascertain the identity of any person or confirm the existence of any entity in addition to the measures required in sections 54, 54.1, 55, 56, 57, 59 and 59.1, subsection 59.2(1), section 59.3, subsection 59.4(1) and sections 59.5, 60 and 61; and

  • (b) taking any other enhanced measure to mitigate the risks identified in accordance with subsection 9.6(3) of the Act, including,

    • (i) keeping client identification information and the information referred to in section 11.1 up to date, and

    • (ii) in addition to the measures required in sections 54.3, 56.3, 57.2, 59.01, 59.11, 59.21, 59.31, 59.41, 59.51, 60.1 and 61.1, conducting ongoing monitoring of business relationships for the purpose of detecting transactions that are required to be reported to the Centre under section 7 of the Act.

  • (c) [Repealed, SOR/2013-15, s. 18]

  • SOR/2007-122, s. 67
  • SOR/2013-15, s. 18
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