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Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

Version of section 58 from 2006-03-22 to 2008-06-22:

  •  (1) Subject to subsection 63(1), every person or entity that is engaged in the business of foreign exchange dealing shall ascertain, in accordance with paragraph 64(1)(d), the identity of

    • (a) every individual in respect of whom a client information record is required to be kept or who conducts a transaction on behalf of a person or entity in respect of which a client information record is required to be kept; and

    • (b) every individual who conducts a transaction of $3,000 or more with that person or entity and in respect of whom no client information record is kept.

  • (2) Subject to subsection 63(2), every person or entity that is engaged in the business of foreign exchange dealing shall, in accordance with section 65, confirm the existence of and ascertain the name and address of every corporation in respect of which they keep a client information record and the names of the corporation’s directors.

  • (3) Subject to subsection 63(3), every person or entity that is engaged in the business of foreign exchange dealing shall, in accordance with section 66, confirm the existence of every entity, other than a corporation, in respect of which they keep a client information record.

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