Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

10 (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, address and date of birth 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.