37BRegular assessments of agreement or arrangement covered by section 37A

37B Regular assessments of agreement or arrangement covered by section 37A

(1) If a reporting entity enters into an agreement or arrangement of a kind referred to in subsection 37A(1), then, while the agreement or arrangement is in force, the reporting entity must: (a) carry out assessments in accordance with the AML/CTF Rules; and (b) carry out those assessments at the times worked out in accordance with the AML/CTF Rules; and (c) prepare a written record of each assessment within 10 business days after the day of completing the assessment. Civil penalty (2) Subsection (1) is a civil penalty provision.