Section 55: Identity of customers
consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
55. Identity of customers
(1) Every financial institution shall only open accounts for deposits of
money and securities, and rent out safe deposit boxes, where it is satisfied
that it has established the true identity of the person in whose name the
funds or securities are to be credited or deposited or the true identity of the
lessee of the safe deposit box, as the case may be.
(2) Every financial institution shall require that each of its accounts be
properly named, at all times, so that the true owner of the accounts can be
identified by the public and no name shall be allowed that is likely to mislead
the public.
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Questions this section answers
- Must my bank verify my identity before opening an account for me?