Notification of changes in directors and senior officers

(1) A registered DNFBP shall provide the supervisory authority with written notice of any change in its directors or senior officers, whether as a result of a director or senior officer ceasing to hold office or the appointment of a new director or (2) A written notice under subregulation (1) shall– (a) specify the date of the change; Money Laundering and 22 Terrorism (Prevention) (b) include the full name of the director or senior officer who has ceased to be, or has been appointed as, a director or senior officer; and (c) be provided to the supervisory authority within 14 days of– (i) the change occurring, in the case of the appointment or resignation of a director or senior officer; or (ii) the DNFBP first becoming aware of the change, in the case of the death of a director or senior officer. (3) A registered DNFBP that fails to provide written notice of a change in its directors or senior officers in accordance with this regulation commits an offence and is liable on summary conviction to a fine not exceeding $20,000.