Document ID: chunk:federal_register_of_legislation:C2025C00044:section:35
Version: federal_register_of_legislation:C2025C00044
Segment Type: section
Provision Reference: s 35
Character Range: 157659–158787

35  Verification of identity of customer etc.

Scope
 (1) This section applies to a reporting entity if:
 (a) at a particular time, the reporting entity has carried out, or has purported to carry out, the applicable customer identification procedure in respect of a particular customer to whom the reporting entity provided, or proposed to provide, a designated service; and
 (b) at a later time, any of the following subparagraphs applies:
 (i) an event prescribed by the AML/CTF Rules happens;
 (ii) a circumstance specified in the AML/CTF Rules comes into existence;
 (iii) a period ascertained in accordance with the AML/CTF Rules ends.
Note: See also sections 37A and 38 (when applicable customer identification procedure deemed to be carried out by a reporting entity).

Requirement
 (2) The reporting entity must:
 (a) take such action as is specified in the AML/CTF Rules; and
 (b) do so within the time limit allowed under the AML/CTF Rules.

Civil penalty
 (3) Subsection (2) is a civil penalty provision.

Division 5A—Use and disclosure of personal information for the purposes of verifying an individual's identity