26HAML/CTF responsibilities of governing bodies

#### 26H AML/CTF responsibilities of governing bodies (1) The governing body of a reporting entity must: (a) exercise appropriate ongoing oversight of: (i) the reporting entity’s identification and assessment of risk for the purposes of its ML/TF risk assessment; and (ii) the reporting entity’s compliance with its AML/CTF policies, the Act, the regulations and the AML/CTF Rules; and (b) take reasonable steps to ensure that the reporting entity: (i) is appropriately identifying, assessing, managing and mitigating the risks of money laundering, financing of terrorism and proliferation financing that the reporting entity may reasonably face in providing its designated services; and (ii) is otherwise complying with its AML/CTF policies, the Act, the regulations and the AML/CTF Rules. (2) A reporting entity contravenes this subsection if the governing body of the reporting entity contravenes subsection (1). (3) Subsection (2) is a civil penalty provision.