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Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

Version of section 55 from 2006-03-22 to 2008-06-22:


 Subject to subsection 62(4) and section 63, every trust company shall, in addition to complying with section 54,

  • (a) in accordance with paragraph 64(1)(a), ascertain the identity of every person who is the settlor of an inter vivos trust in respect of which the company is required to keep records under section 15;

  • (b) in accordance with section 65, confirm the existence of and ascertain the name and address of every corporation that is the settlor of an institutional trust in respect of which the company is required to keep records in accordance with section 15;

  • (c) in accordance with section 66, confirm the existence of every entity, other than a corporation, that is the settlor of an institutional trust in respect of which the company is required to keep records in accordance with section 15;

  • (d) where an entity is authorized to act as a co-trustee of any trust

    • (i) confirm the existence of the entity and ascertain its name and address in accordance with section 65 or confirm the existence of the entity in accordance with section 66, as the case may be, and

    • (ii) in accordance with paragraph 64(1)(a), ascertain the identity of all persons — up to three — who are authorized to give instructions with respect to the entity’s activities as co-trustee; and

  • (e) in accordance with paragraph 64(1)(a), ascertain the identity of each person who is authorized to act as co-trustee of any trust.

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