Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

54 (1) Subject to subsections 62(2) and (4) and section 63, every financial entity shall

• (a) in accordance with paragraph 64(1)(a), ascertain the identity of every person who signs a signature card in respect of an account that the financial entity opens, except in the case of a business account the signature card of which is signed by more than three persons authorized to act with respect to the account, if the financial entity has ascertained the identity of at least three of those persons;

• (b) in accordance with paragraph 64(1)(a), ascertain the identity of every person who requests an electronic funds transfer of $3,000 or more, unless the person has signed a signature card in respect of an account held with the financial entity or is authorized to act with respect to such an account;

• (c) in accordance with paragraph 64(1)(a), ascertain the identity of every person who conducts a foreign currency exchange transaction of $3,000 or more with the financial entity, unless the person has signed a signature card in respect of an account held with it;

• (d) in accordance with section 65, confirm the existence of and ascertain the name and address of every corporation for which the financial entity opens an account and the names of the corporation’s directors; and

• (e) in accordance with section 66, confirm the existence of every entity, other than a corporation, for which the financial entity opens an account.

(2) For the purpose of paragraph (1)(a), where the person who signs a signature card is under 12 years of age, the financial entity shall ascertain the identity of the father, mother or guardian of the person in accordance with paragraph 64(1)(a).