Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

54 Subject to sections 62 and 63, every financial entity shall

• (a) in accordance with subsection 64(1), ascertain the identity of every person for whom a signature card is created in respect of an account, other than a credit card account, that the financial entity opens, except in the case of a business account for which signature cards are created for more than three persons, if the financial entity has ascertained the identity of at least three of those persons;

• (b) in accordance with subsection 64(1), ascertain the identity of every person who conducts one of the following transactions, unless they hold an account, or are authorized to give instructions in respect of an account held, with the financial entity:

  • (i) a transaction whereby the financial entity issues or redeems money orders, traveller’s cheques or other similar negotiable instruments in an amount of $3,000 or more,

  • (ii) an electronic funds transfer, as prescribed by subsection 66.1(2), in an amount of $1,000 or more that is sent at the person’s request or on their behalf, or

  • (iii) a foreign currency exchange transaction of $3,000 or more;

• (c) [Repealed, SOR/2007-122, s. 54]

• (d) in accordance with section 65, confirm the existence of and ascertain the name and address of every corporation for which the financial entity opens an account and the names of the corporation’s directors; and

• (e) in accordance with section 66, confirm the existence of every entity, other than a corporation, for which the financial entity opens an account.