s 26P
In forceAML/CTF program approvals
Part 1AAML/CTF programs
Division 6AML/CTF program documentation and approvals
26P AML/CTF program approvals
(1)
A reporting entity’s ML/TF risk assessment and AML/CTF policies, including any updates to either, must be approved by a senior manager of the reporting entity.
(2)
Any updates to a reporting entity’s ML/TF risk assessment must be notified, in writing, to the governing body of the reporting entity as soon as practicable after the update is made.
(3)
A reporting entity must comply with a requirement under this section.
(4)
Subsection (3) is a civil penalty provision.
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