Client Verification – What Must You Do?

As discussed on the previous page, Rule 1545 requires that when you are engaged in or give instructions in respect of the receipt, payment or transfer of funds, you must:

  • Obtain and record information about the source of those funds. Remember to date your record,
  • Verify your client’s identity, and
  • Where appropriate, verify any third party for whom your client may be giving instructions.

The specific steps you take and the documents or information that you rely on will depend on whether you are verifying the identity of an individual or of an organization.