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Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

Version of section 66 from 2016-06-30 to 2020-10-05:

  •  (1) The existence of an entity, other than a corporation, shall be confirmed as of the time referred to in subsection (2), by referring to a partnership agreement, articles of association or other similar record that ascertains its existence. The record may be in paper form or in an electronic version that is obtained from a source that is accessible to the public.

  • (2) The existence of the entity shall be confirmed

    • (a) in the cases referred to in paragraphs 54(e) and 60(f), before the first transaction, other than the initial deposit, is carried out on the account;

    • (a.1) in the case referred to in paragraph 54.1(c), before any credit card is issued on the account;

    • (b) in the cases referred to in paragraphs 55(c) and (d), within 15 days after the trust company becomes the trustee;

    • (c) in the cases referred to in subsections 56(4) and 59(3) and paragraph 61(d), within 30 days after the client information record is created;

    • (d) in the case referred to in subsection 57(4), within 30 days after the account is opened; and

    • (e) in the cases referred to in paragraphs 59.1(c), 59.2(1)(c), 59.3(c), 59.4(1)(c) and 59.5(c), within 30 days after the transaction.

  • (3) Where the existence of the entity has been confirmed by referring to an electronic version of a record, the person or entity required to confirm that information shall keep a record that sets out the registration number of the entity whose existence is being confirmed, the type of record referred to and the source of the electronic version of the record.

  • (4) Where the existence of the entity has been confirmed by referring to a paper copy of a record, the person or entity required to confirm that information shall retain the record or a copy of it.

  • SOR/2007-122, s. 65
  • SOR/2007-293, s. 29
  • SOR/2008-21, s. 17
  • SOR/2016-153, s. 73
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