Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

4.1 For the purposes of these Regulations, a person or entity to which section 5 of the Act applies enters into a business relationship with a client at the earliest of the following events:

• (a) the time when the person or entity opens an account for the client, except in the circumstances set out in any of paragraphs 154(1)(a) to (d) and (2)(a) to (l) and (p) and subsection 154(3),

• (b) the second time that the person or entity is required to verify the identity of the client under these Regulations,

• (c) if the person or entity is a real estate broker or sales representative, real estate developer, mortgage administrator, mortgage broker or mortgage lender, the first time that the person or entity is required to verify the identity of the client under these Regulations,

• (d) if the person or entity is a money services business and the client is an entity, the time when the person or entity enters into a service agreement with the client to provide a service referred to in any of subparagraphs 5(h)(i) to (v) of the Act, and

• (e) if the person or entity is a foreign money services business and the client is an entity in Canada, the time when the person or entity enters into a service agreement with the client to provide a service referred to in any of subparagraphs 5(h.1)(i) to (v) of the Act.