Mutual Fund Dealers Association of Canada
Association canadienne des courtiers de fonds mutuels
121 King Street West, Suite 1000, Toronto, Ontario, M5H 3T9
TEL: 416-361-6332 FAX: 416-943-1218 WEBSITE: www.mfda.ca
Senior Legal & Policy Counsel
January 20, 2006
Phone: (416) 943-4677
For Distribution to Relevant Parties within your Firm
FINTRAC Interpretation Notice No. 3: Opening an Account for a Person or
Entity Engaged in the Business of Dealing in Securities Only Outside of
The Financial Transactions and Reports Analysis Centre of Canada has released FINTRAC
Interpretation Notice No. 3 to clarify the measures that Canadian securities dealers (including
mutual fund dealers) must take in opening an account in the name of a person or entity that is
engaged in the business of dealing in securities only outside Canada.
The Interpretation Notice provides information on the requirements under the Proceeds of Crime
(Money Laundering) and Terrorist Financing Regulations to ascertain identity and make third
party determinations on such accounts. The Notice also lists certain exceptions to third party
determination requirements and provides information on the use of agents in ascertaining
The Interpretation Notice can be accessed through the following link: FINTRAC – Opening an
Account for a Person or Entity Engaged in the Business of Dealing in Securities Only Outside of
Canada – Financial Transactions Reports Analysis Centre of Canada.
Members that require further information should contact the Financial Transactions and Reports
Analysis Centre of Canada.
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