June 30 3016
Amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its associated Regulations have changed the methods that reporting entities can apply to ascertain the identity of clients. From June 30, 2016 to June 17, 2017, there will be a transitional period during which either the methods described in this guideline or the methods listed in Guideline 6 (a) to (j) can be used. As of June 17, 2017, this transitional period will end and you will be required to apply the methods listed in this guideline to ascertain the identity of your clients.
If you have already ascertained the identity of your clients according to the regulations that were in force at that time, you are not required to do so again. It is important to note that all documents used to ascertain client identity must be original, valid and current. Information found through social media is not acceptable.