Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

14.1 Subject to subsection 62(2), every financial entity shall, in respect of every credit card account that it opens, keep a credit card account record that includes

• (a) where the account is opened in the name of a client that is a person or an entity other than a corporation, the name and address of the client and

  • (i) if the client is a person, their date of birth and the nature of their principal business or their occupation, as applicable, and

  • (ii) if the client is an entity other than a corporation, the nature of their principal business;

• (b) where the account is opened in the name of a client that is a corporation, a copy of the part of official corporate records that contains any provision relating to the power to bind the corporation in respect of the account;

• (c) the name, address and telephone number of every holder of a credit card for the account;

• (d) the date of birth of every holder of a credit card for the account, if that information is known after reasonable measures have been taken by the financial entity to obtain it;

• (e) every credit card application that the financial entity receives from the client in the normal course of business;

• (f) a copy of every credit card statement that the financial entity sends to the client, if the information in the statement is not readily obtainable from other records that are kept and retained by it under these Regulations; and

• (g) if it obtains the approval referred to in subsection 67.1(1) or (2) to keep the account open,

  • (i) the office or position and the organization or institution in respect of which the person is determined to be a politically exposed foreign person, a politically exposed domestic person, a head of an international organization or a family member of, or person who is closely associated with, one of those persons,

  • (ii) the date of the determination,

  • (iii) the source, if known, of the funds that are or are expected to be deposited in the account,

  • (iv) the name of the member of senior management who gave the approval, and

  • (v) the date of that approval.