Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

59 (1) Subject to subsection 63(1), every money services business shall, in accordance with subsection 64(1), ascertain the identity of every person who conducts any of the following transactions:

• (a) the issuance or redemption of money orders, traveller’s cheques or other similar negotiable instruments in an amount of $3,000 or more;

• (b) the remittance or transmission of $1,000 or more by any means through any person or entity; or

• (c) a foreign currency exchange transaction of $3,000 or more.

(2) Subject to subsections (6) and 63(2) and (4), every money services business shall, in accordance with section 65, confirm the existence of every corporation in respect of which they are required to keep a client information record and ascertain the name and address of the corporation and the names of the corporation’s directors.

(3) Subject to subsections (6) and 63(3), every money services business 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 .

(4) Subsection (1) does not apply when a person referred to in section 32 conducts a transaction on behalf of their employer under an agreement referred to in that section.

(5) Subject to subsection 63(5), a money services business shall, in accordance with subsection 67.2(5), take reasonable measures to determine whether

• (a) a person who requests that an electronic funds transfer of $100,000 or more be initiated or on whose behalf the request is made is a politically exposed foreign person, a politically exposed domestic person, a head of an international organization or a family member of, or person who is closely associated with, one of those persons; or

• (b) a person who is a beneficiary of an electronic funds transfer of $100,000 or more is a politically exposed foreign person, a politically exposed domestic person, a head of an international organization or a family member of, or person who is closely associated with, one of those persons.

(6) Subsections (2) and (3) do not apply in respect of an entity referred to in paragraph 62(2)(m) or (n) with which the money service business has entered into a service agreement referred to in section 32.