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Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

Version of section 8 from 2006-03-22 to 2008-06-22:

  •  (1) Every person or entity that is required to keep a large cash transaction record under these Regulations shall take reasonable measures to determine whether the individual who in fact gives the cash in respect of which the record is kept is acting on behalf of a third party.

  • (2) Where the person or entity determines that the individual is acting on behalf of a third party, the person or entity shall keep a record that sets out

    • (a) the third party’s name and address and the nature of the principal business or occupation of the third party, if the third party is an individual;

    • (b) if the third party is an entity, the third party’s name and address and the nature of the principal business of the third party, and, if the entity is a corporation, the entity’s incorporation number and its place of issue; and

    • (c) the nature of the relationship between the third party and the individual who gives the cash.

  • (3) Where the person or entity is not able to determine whether the individual is acting on behalf of a third party but there are reasonable grounds to suspect that the individual is doing so, the person or entity shall keep a record that

    • (a) indicates whether, according to the individual, the transaction is being conducted on behalf of a third party; and

    • (b) describes the reasonable grounds to suspect that the individual is acting on behalf of a third party.

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