Scope
(1) This section applies to a reporting entity if:
(a) at a particular time, the reporting entity has carried out, or has purported to carry out, the applicable customer identification procedure in respect of a particular customer to whom the reporting entity provided, or proposed to provide, a designated service; and
(b) at a later time, any of the following subparagraphs applies:
(i) an event prescribed by the AML/CTF Rules happens;
(ii) a circumstance specified in the AML/CTF Rules comes into existence;
(iii) a period ascertained in accordance with the AML/CTF Rules ends.
Note: See also sections 37A and 38 (when applicable customer identification procedure deemed to be carried out by a reporting entity).
Requirement
(2) The reporting entity must:
(a) take such action as is specified in the AML/CTF Rules; and
(b) do so within the time limit allowed under the AML/CTF Rules.
Civil penalty
(3) Subsection (2) is a civil penalty provision.