Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations
112 (1) A person or entity that is required to verify the identity of an entity other than a corporation shall do so by referring to a partnership agreement, to articles of association or to the most recent version of any other record that confirms its existence and contains its name and address.
(2) A record that is used to verify identity under subsection (1) must be authentic, valid and current.
(3) The entity’s identity shall be verified
(a) in the cases referred to in section 84 and subparagraph 88(c)(ii), at the time of the transaction;
(b) in the case referred to in section 85, before the transaction or attempted transaction is reported under section 7 of the Act;
(c) in the cases referred to in paragraphs 86(c) and 103(c), before the first transaction, other than the initial deposit, is carried out on the account;
(d) in the case referred to in paragraph 87(c), before any credit card issued on the account is activated;
(e) in the case referred to in subparagraph 88(c)(i), before the prepaid payment product account is activated;
(f) in the cases referred to in paragraph 89(c) and subparagraph 89(e)(ii), within 15 days after the day on which the trust company becomes the trustee;
(g) in the cases referred to in paragraph 92(c), subsection 95(4) and paragraph 104(c), within 30 days after the day on which the information record is created;
(h) in the case referred to in paragraph 94(c), within 30 days after the day on which the account is opened; and
(i) in the cases referred to in paragraphs 96(c), 97(1)(c), 100(c), 101(1)(c) and 102(c), within 30 days after the day on which the transaction is conducted.
(4) If the person or entity that is required to verify an entity’s identity does so by referring to an electronic version of a record that is contained in a database that is accessible to the public, they shall keep a record that sets out the entity’s registration number, the type of record referred to and the source of the electronic version of the record. In any other case, they shall keep the record or a copy of it.
- SOR/2019-240, s. 44
- SOR/2020-112, s. 10
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