Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p36
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 99023–102200

paragraph 4.5.3, any other KYC information will be collected in respect of a partnership.

    4.5.5 An AML/CTF program must include a procedure for the reporting entity to verify at a minimum:

        (1) the full name of the partnership from the partnership agreement, certified copy or certified extract of the partnership agreement, reliable and independent documents relating to the partnership or reliable and independent electronic data; and

        (2) information about one of the partners in accordance with the applicable customer identification procedure with respect to individuals set out in an AML/CTF program.

    4.5.6 An AML/CTF program must include appropriate risk‑based systems and controls for the reporting entity to determine whether, and to what extent, in addition to the KYC information referred to in paragraph 4.5.5, any other KYC information collected in respect of the partnership should be verified.

Methods of verification

    4.5.7 Subject to paragraph 4.5.8, an AML/CTF program must require that the verification of information about a partnership be based on:

        (1) a partnership agreement, certified copy or certified extract of a partnership agreement;

        (2) a certified copy or certified extract of minutes of a partnership meeting;

        (3) reliable and independent documents relating to the partnership;

        (4) reliable and independent electronic data; or

        (5) a combination of (1) to (4) above.

    4.5.8 For the purposes of subparagraph 4.5.7(3), 'reliable and independent documents relating to the partnership' includes a disclosure certificate that verifies information about a partnership where:

        (1) the verification is for the purposes of a procedure of the kind described in paragraph 4.5.6 of these Rules; and

        (2) the information to be verified is not otherwise reasonably available from the sources described in paragraph 4.5.7.

Responding to discrepancies

    4.5.9 An AML/CTF program must include appropriate risk‑based systems and controls for the reporting entity to respond to any discrepancy that arises in the course of verifying information about a customer so that the reporting entity can determine whether it is reasonably satisfied about the matters referred to in subparagraphs 4.5.2(1) and (2).
          Part 4.6 Applicable customer identification procedure with respect to associations

    4.6.1 In so far as a reporting entity has any customer who is an incorporated or unincorporated association, an AML/CTF program must comply with the requirements specified in Part 4.6 of these Rules.

    4.6.2 An AML/CTF program must include appropriate risk‑based systems and controls that are designed to enable the reporting entity to be reasonably satisfied, where a customer notifies the reporting entity that it is an incorporated or unincorporated association, that:

        (1) the association exists; and

        (2) the names of any members of the governing committee (howsoever described) of the association have been provided.

Collection and verification of information

    4.6.3 An AML/CTF program must include a procedure