Document ID: chunk:federal_register_of_legislation:C2024A00110:clause:1_26p
Version: federal_register_of_legislation:C2024A00110
Segment Type: clause
Provision Reference: sch 1 cl 26P
Character Range: 42760–43270

26P  AML/CTF program approvals
 (1) A reporting entity's ML/TF risk assessment and AML/CTF policies, including any updates to either, must be approved by a senior manager of the reporting entity.
 (2) Any updates to a reporting entity's ML/TF risk assessment must be notified, in writing, to the governing body of the reporting entity as soon as practicable after the update is made.
 (3) A reporting entity must comply with a requirement under this section.
 (4) Subsection (3) is a civil penalty provision.