Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

56 (1) Subject to subsections (2), 62(1), (3) and (4) and 63(1), every life insurance company or life insurance broker or agent shall ascertain, in accordance with paragraph 64(1)(b), the identity of every person who conducts, on the person’s own behalf or on behalf of a third party, a transaction with that life insurance company or life insurance broker or agent for which a client information record is required to be kept under section 19.

(2) A life insurance company or life insurance broker or agent is not required to ascertain the identity of a person where there are reasonable grounds to believe that the person’s identity has been ascertained in accordance with paragraph 64(1)(b) by another life insurance company or life insurance broker or agent in respect of the same transaction or of a transaction that is part of a series of transactions that includes the original transaction.

(3) Subject to subsections 62(3) and (4) and 63(2), every life insurance company or life insurance broker or agent shall, in accordance with section 65, confirm the existence of and ascertain the name and address of every corporation in respect of which they are required to keep a client information record and the names of the corporation’s directors.

(4) Subject to subsections 62(3) and (4) and 63(3), every life insurance company or life insurance broker or agent shall, in accordance with section 66, confirm the existence of every entity, other than a corporation, in respect of which they are required to keep a client information record.