6‑6 Person on whose behalf the customer 6‑6 Person on whose behalf the customer is receiving the designated service

6‑6 Person on whose behalf the customer is receiving the designated service

Customer other than trust or foreign equivalent (1) For the purposes of paragraph 28(6)(b) of the Act, a reporting entity is taken to have established on reasonable grounds the matter mentioned in paragraph 28(2)(b) of the Act in relation to a customer if: (a) the customer is not a trust or an equivalent foreign legal arrangement such as a fiducie, waqf, treuhand or fideicomiso; and (b) the designated service proposed to be provided by the reporting entity to the customer is not covered by item 37 or 38 of table 1 in section 6 of the Act (services relating to a life policy or sinking fund policy); and (c) the reporting entity has established on reasonable grounds the identity of the customer as required by paragraph 28(2)(a) of the Act.

Note: For a rule relating to providing a designated service covered by item 37 or 38 of table 1, see Division 10 of this Part.

(1A) In circumstances where subsection (1) applies, the reporting entity is also taken to have established on reasonable grounds, for the purposes of paragraph 28(2)(e) of the Act, whether any person on whose behalf the customer is receiving the designated service is a politically exposed person or a person designated for targeted financial sanctions. Customer is trust or foreign equivalent (2) For the purposes of paragraph 28(6)(b) of the Act, a reporting entity is taken to have established on reasonable grounds the matter mentioned in paragraph 28(2)(b) of the Act in relation to a customer if: (a) the customer is a trust or an equivalent foreign legal arrangement such as a fiducie, waqf, treuhand or fideicomiso; and (c) the reporting entity establishes on reasonable grounds: (i) the identity of the beneficiaries of the trust or equivalent; or (ii) if the nature of the trust or equivalent means that it is not possible to identify each beneficiary—a description of each class of beneficiary. (3) In circumstances where subsection (2) applies and the reporting entity has established, on reasonable grounds, the matter mentioned in subparagraph (2)(c)(ii), the reporting entity is also taken to have established on reasonable grounds, for the purposes of paragraph 28(2)(e) of the Act, whether any person on whose behalf the customer is receiving the designated service is a politically exposed person or a person designated for targeted financial sanctions.