8. Timing for verification
Feedback & supportLast amended by an amending law of 2026.
Despite rules 6(6) and 7(2), an accounting entity may establish a business relationship with a client before completing the verification of the identity of the client, the client’s agents and the beneficial owners of the client if —
the deferral of completion of the verification is essential in order not to interrupt the normal conduct of business operations; and
the risks of money laundering, the financing of terrorism and proliferation financing can be effectively managed by the accounting entity or an individual practitioner of the accounting entity.
Where the accounting entity establishes a business relationship with a client before verifying the identity of the client, the client’s agents and the beneficial owners of the client —
the accounting entity must adopt internal risk management policies and procedures concerning the conditions under which the accounting entity may establish such a business relationship before verification; and
the accounting entity or individual practitioner must complete the verification as soon as is reasonably practicable.
Subregulation 1
Despite rules 6(6) and 7(2), an accounting entity may establish a business relationship with a client before completing the verification of the identity of the client, the client’s agents and the beneficial owners of the client if —
the deferral of completion of the verification is essential in order not to interrupt the normal conduct of business operations; and
the risks of money laundering, the financing of terrorism and proliferation financing can be effectively managed by the accounting entity or an individual practitioner of the accounting entity.
Subregulation 2
Where the accounting entity establishes a business relationship with a client before verifying the identity of the client, the client’s agents and the beneficial owners of the client —
the accounting entity must adopt internal risk management policies and procedures concerning the conditions under which the accounting entity may establish such a business relationship before verification; and
the accounting entity or individual practitioner must complete the verification as soon as is reasonably practicable.