Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

71 (1) For the purposes of paragraph 3(a) of the Act, and to assist the Centre in carrying out its mandate under paragraph 40(e) of the Act, every person or entity to which any of paragraphs 5(a) to (l) of the Act applies shall implement a regime for complying with the Act and any Regulations made under the Act.

(2) The compliance regime shall include, as far as practicable,

• (a) the appointment of a person — who may be the person referred to in subsection (1) — who is to be responsible for the implementation of the regime;

• (b) the development and application of compliance policies and procedures;

• (c) a review of those policies and procedures that is conducted as often as necessary to test their effectiveness by an internal or external auditor of the person or entity or, if it does not have such an auditor, by the person or entity itself; and

• (d) where the person or entity has employees or agents or persons authorized to act on behalf of the person or entity, an ongoing compliance training program for those employees, agents or persons.