5‑15 Time period for AML/CTF program doc

5‑15 Time period for AML/CTF program documentation

(1) For the purposes of subsection 26N(1) of the Act, a reporting entity must document: (a) the ML/TF risk assessment undertaken by the reporting entity under section 26C of the Act; and (b) the AML/CTF policies developed by the reporting entity under section 26F of the Act; within the period ending immediately before the reporting entity first commences providing a designated service to a customer. (2) For the purposes of subsection 26N(1) of the Act, if a reporting entity: (a) updates its ML/TF risk assessment under section 26D of the Act; or (b) updates its AML/CTF policies; the reporting entity must document its AML/CTF program (as updated) within 14 days after the update occurs.