Regulation 11

A regulated dealer must periodically review the information and documents obtained as a result of the customer due diligence measures under these Regulations to ascertain whether the transactions carried out by customers of the regulated dealer are consistent with the regulated dealer’s knowledge of the customer, the nature of the customer’s business, the customer’s income and risk profile and the customer’s source or sources of funds.

A regulated dealer must periodically review the adequacy of information and documents obtained as a result of the customer due diligence measures under these Regulations, particularly in cases where there is a higher risk of money laundering, terrorism financing or proliferation financing, to ensure that the information in respect of customers and persons on whose behalf the customers transact is kept current.