Part 1 of 2: Know Your Client (KYC) — Simple Overview

💬 What Is the Law?

This is about rules under the PCMLTFA law in Canada. It helps stop money laundering and terrorism financing.

References: SOR/2007-292, SOR/2007-121, SOR/2002-184, SOR/2001-317

📄 What Must Be Recorded?

If you get $10,000 or more in virtual money in one transaction, you must record:

• Date of payment
• Account holder name if deposited
• Name, address, job or business of others involved
• Date of birth for people involved
• Exchange rate and where it came from
• Other accounts affected and owners
• Related transaction numbers
• Sender and receiver addresses
• If it's for jewelry or metals:
  • Type of item
  • Its value vs amount received
  • Wholesale value

Reference: SOR/2002-184, s. 1(2)

🧍 Who Is the Beneficial Owner?

This is a person who owns or controls 25% or more of a company or trust. It must be a real person, not another business.

🔍 Client Identification Info

• Name
• Address
• Phone number
• Job or main business
• Date of birth

🌍 Head of an International Organization

This means someone who leads an organization made by governments, or an international sports group.

Reference: PCMLTFA, S.C. 2000, c 17, s. 9.3(3)