Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

59 Subject to section 63, every money services business shall

• (a) in accordance with paragraph 64(1)(d), ascertain the identity of every person who conducts any of the following transactions, if the transaction is for $3,000 or more and no client information record is kept in respect of that person, namely,

  • (i) the issuance or redemption of money orders, traveller’s cheques or other similar negotiable instruments, and

  • (ii) the remittance or transmission of $3,000 or more by any means through any person, entity or electronic funds transfer network;

• (b) in accordance with paragraph 64(1)(d), ascertain the identity of every person in respect of whom a client information record is required to be kept, with respect to a transaction of $3,000 or more;

• (c) in accordance with section 65, confirm the existence of and ascertain the name and address of every corporation in respect of which a client information record is required to be kept and the names of the corporation’s directors; and

• (d) in accordance with section 66, confirm the existence of every entity, other than a corporation, in respect of which a client information record is required to be kept.