Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

134 (1) A person or entity that is required under these Regulations to report the receipt from a person or entity of an amount of $10,000 or more in cash or in virtual currency or to keep a large cash transaction record or a large virtual currency transaction record shall, when they receive the amount in cash or virtual currency, take reasonable measures to determine whether the person from whom the cash or virtual currency is received is acting on behalf of a third party.

(2) If the person or entity determines that the person from whom the cash or virtual currency is received is acting on behalf of a third party, the person or entity shall take reasonable measures to obtain the following information and shall keep a record of the information obtained:

• (a) if the third party is a person, their name, address and date of birth and the nature of their principal business or their occupation;

• (b) if the third party is an entity, its name and address, the nature of its principal business, its registration or incorporation number and the jurisdiction and country of issue of that number; and

• (c) the relationship between the third party and the person from whom the cash or virtual currency is received.

(3) If the person or entity is not able to determine whether the person from whom the cash or virtual currency is received is acting on behalf of a third party but there are reasonable grounds to suspect that they are, the person or entity shall keep a record that

• (a) indicates whether, according to the person from whom the cash or virtual currency is received, they are acting on their own behalf only; and

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