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Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

Version of section 10 from 2006-03-22 to 2008-06-22:

  •  (1) Every person or entity that is required to keep a client information record under these Regulations in respect of a client shall, at the time that the client information record is created, take reasonable measures to determine whether the client is acting on behalf of a third party.

  • (2) Where the person or entity determines that the client is acting on behalf of a third party, the person or entity shall keep a record that sets out

    • (a) the third party’s name and address and the nature of the principal business or occupation of the third party, if the third party is an individual;

    • (b) if the third party is a entity, the third party’s name and address and the nature of the principal business of the third party, and, if the entity is a corporation, the entity’s incorporation number and its place of issue; and

    • (c) the relationship between the third party and the client.

  • (3) Where the person or entity is not able to determine that the client in respect of whom the client information record is kept is acting on behalf of a third party but there are reasonable grounds to suspect that the client is so acting, the person or entity shall keep a record that

    • (a) indicates whether, according to the client, the transaction is being conducted on behalf of a third party; and

    • (b) describes the reasonable grounds to suspect that the client is acting on behalf of a third party.

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