Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (SOR/2002-184)

86 A financial entity shall

• (a) in accordance with section 105, verify the identity of

  • (i) a person for whom it opens an account, other than a credit card account or a prepaid payment product account,

  • (ii) a person, other than an account holder, who is authorized to give instructions in respect of an account, other than a credit card account or a prepaid payment product account, and

  • (iii) a person – other than one referred to in subparagraph (i) or (ii) — who

    • (A) requests that it issue or redeem money orders, traveller’s cheques or similar negotiable instruments in an amount of $3,000 or more,

    • (B) requests that it initiate an international electronic funds transfer — or any other electronic funds transfer that is a SWIFT MT-103 message or its equivalent — of $1,000 or more,

    • (C) requests that it exchange an amount of $3,000 or more in a foreign currency exchange transaction,

    • (D) requests that it transfer an amount of $1,000 or more in virtual currency,

    • (E) requests that it exchange an amount of $1,000 or more in a virtual currency exchange transaction, or

    • (F) is the beneficiary of an international electronic funds transfer of $1,000 or more, or of a transfer of an amount of $1,000 or more in virtual currency, to whom it makes the remittance;

• (b) in accordance with section 109, verify the identity of a corporation for which it opens an account, other than a credit card account or a prepaid payment product account; and

• (c) in accordance with section 112, verify the identity of an entity, other than a corporation, for which it opens an account, other than a credit card account or a prepaid payment product account.