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Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

Version of section 53.1 from 2014-01-31 to 2020-10-05:

  •  (1) Except if the identity has been previously ascertained as required by these Regulations, every person or entity that is subject to these Regulations shall take reasonable measures to ascertain, in accordance with subsection 64(1), the identity of every person with whom the person or entity conducts or attempts to conduct a transaction that is required to be reported to the Centre under section 7 of the Act.

  • (2) Subsection (1) does not apply if the person or entity believes that complying with that subsection would inform the person that the transaction and the related information is being reported under section 7 of the Act.

  • SOR/2007-122, s. 48
  • SOR/2013-15, s. 5
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