Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

109 (1) A person or entity that is required to verify a corporation’s identity shall do so by referring to its certificate of incorporation, to a record that it is required to file annually under applicable provincial securities legislation or to the most recent version of any other record that confirms its existence as a corporation and contains its name and address and the names of its directors.

(2) A record that is used to verify identity under subsection (1) must be authentic, valid and current.

(3) The names of a corporation’s directors do not need to be confirmed if the corporation is a securities dealer.

(4) The corporation’s identity shall be verified

• (a) in the cases referred to in section 84 and subparagraph 88(b)(ii), at the time of the transaction;

• (b) in the case referred to in section 85, before the transaction or attempted transaction is reported under section 7 of the Act;

• (c) in the cases referred to in paragraphs 86(b) and 103(b), before the first transaction, other than the initial deposit, is carried out on the account;

• (d) in the case referred to in paragraph 87(b), before any credit card issued on the account is activated;

• (e) in the case referred to in subparagraph 88(b)(i), before the prepaid payment product account is activated;

• (f) in the cases referred to in paragraph 89(b) and subparagraph 89(e)(ii), within 15 days after the day on which the trust company becomes the trustee;

• (g) in the cases referred to in paragraphs 92(b), 95(3)(b) and 104(b), within 30 days after the day on which the information record is created;

• (h) in the case referred to in paragraph 94(b), within 30 days after the day on which the account is opened;

• (h.01) in the case referred to in paragraph 95(3)(a), before the first transport of cash, virtual currency or negotiable instruments is carried out;

• (h.1) in the case referred to in paragraph 95(3)(a.1), at the time the information record is created;

• (h.2) in the case referred to in paragraph 95(3)(c), at the time of the donation; and

• (i) in the cases referred to in paragraphs 96(b), 97(1)(b), 100(b), 101(1)(b) and 102(b), within 30 days after the day on which the transaction is conducted.

(5) If a person or entity that is required to verify a corporation’s identity does so by referring to an electronic version of a record that is contained in a database that is accessible to the public, they shall keep a record that sets out the corporation’s registration number, the type of record referred to and the source of the electronic version of the record. In any other case, they shall keep the record or a copy of it.