Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

14 Every financial entity shall keep the following records:

• (a) where it opens an account, a signature card in respect of each account holder for that account;

• (b) where it opens an account in respect of a corporation, a copy of the part of official corporate records that contains any provision relating to the power to bind the corporation in respect of the account;

• (c) where it opens an account in the name of a person or of an entity other than a corporation, a record of the name and address and the nature of the principal business or occupation of the person or entity, as the case may be;

• (d) every account operating agreement that it creates in the normal course of business;

• (e) a deposit slip in respect of every deposit that is made to an account;

• (f) every debit and credit memo that it creates or receives in the normal course of business in respect of an account, except debit memos that relate to another account at the same branch of the financial entity that created the debit memo;

• (g) a copy of every account statement that it sends to a client, if the information in the statement is not readily obtainable from other records that are kept and retained by it under these Regulations;

• (h) every cleared cheque that is drawn on, and a copy of every cleared cheque that is deposited to, an account, unless

  • (i) the account on which the cheque is drawn and the account to which the cheque is deposited are at the same branch of the financial entity, or

  • (ii) the following conditions are met, namely,

    • (A) an image of the cheque has been recorded on microfilm or on an electronic medium,

    • (B) an image of the cheque can be readily reproduced from the microfilm or electronic medium,

    • (C) it is possible to readily ascertain where the image of any particular cheque is recorded, and

    • (D) the microfilm or electronic medium is retained for a period of at least five years;

• (i) every client credit file that it creates in the normal course of business; and

• (j) a transaction ticket in respect of every foreign currency exchange transaction.