GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 6
6 (1) A financial services cooperative is engaged in a business or profession for the purposes of paragraph 5(i) of the Act. (2) A credit union central is engaged in a business or profession for the purposes of paragraph 5(j) of the Act when it offers financial services to a person, or to an entity that is not a member of that credit union central. SOR/2016-153, s. 20(E) SOR/2019-240, s. 23
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 7
7 (1) A financial entity shall report the following transactions and information to the Centre: (a) the receipt from a person or entity of an amount of $10,000 or more in cash in a single transaction, together with the information set out in Schedule 1; (b) the initiation, at the request of a person or entity, of an international electronic funds transfer of $10,000 or more in a single transaction, together with the information set out in Schedule 2; (c) the final receipt of an international electronic funds transfer of $10,000 or more in a single transaction, together with the information set out in Schedule 3; and (d) the receipt from a person or entity of an amount of $10,000 or more in virtual currency in a single transaction, together with the information set out in Schedule 4. (2) A financial entity is not required to report the transaction and information under paragraph (1)(a), if the amount is received from another financial entity or a public body or from a person who is acting on behalf of a client that is a financial entity or public body. SOR/2007-122, s. 22 SOR/2019-240, s. 23
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 8
8 (1) A financial entity is not required to report the transaction and information under paragraph 7(1)(a) if the following conditions are met: (a) the entity from which or on whose behalf the financial entity receives the amount is a corporation that carries on business as an establishment described in sector 22, 44 (excluding codes 4411, 4412 and 44831) or 45 (excluding code 45392), or code 481, 482, 485 (excluding code 4853), 51711, 51751, 61121 or 61131 of the North American Industry Classification System as that sector or code read on January 31, 2003; (b) the amount received is deposited into an account held by the corporation with the financial entity in respect of that business; (c) the corporation has had (i) for the entire preceding 24-month period, an account in respect of that business with the financial entity, or (ii) an account in respect of that business with another financial entity for a continuous period of 24 months ending immediately before the corporation opened an account with the financial entity; (d) the financial entity has records that indicate that the corporation has deposited an amount of $10,000 or more in cash into that account on an average of at least twice a week during the preceding 12 months; (e) the cash deposits made by the corporation are consistent with the corporation’s usual practice in respect of the business; (f) the financial entity has taken reasonable measures to determine the source of the cash for those deposits; and (g) the financial entity provides to the Centre the information set out in Schedule 5. (2) A corporation referred to in paragraph (1)(a) does not include one that carries on a business related to pawnbroking or whose principal business is the sale of vehicles, vessels, farm machinery, aircraft, mobile homes, jewellery, precious stones, precious metals, antiquities or art. (3) A financial entity that, in accordance with subsection (1), does not report a transaction and information (a) shall report to the Centre a change to the corporation’s name or address, the nature of the corporation’s business or the corporation’s incorporation number within 15 days after the day on which the change is made; and (b) shall, at least once every 12 months, (i) verify that the conditions referred to in subsection (1) continue to be met, (ii) ensure that a senior officer of the financial entity confirms that those conditions continue to be met, and (iii) send a report to the Centre setting out the corporation’s name and address and the name of the senior officer who gave the confirmation. SOR/2007-122, s. 76 SOR/2019-240, s. 23
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 9
9 A financial entity that maintains a list of clients for the purposes of subsection 9(3) of the Act shall (a) include the name and address of each client in the list; and (b) maintain the list in paper form, or in a machine-readable or electronic form if a paper copy can readily be produced from it. SOR/2019-240, s. 25
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 10
10 A financial entity shall keep a large cash transaction record in respect of every amount of $10,000 or more in cash that it receives from a person or entity in a single transaction, unless the amount is received from another financial entity or a public body or from a person who is acting on behalf of a client that is a financial entity or public body. SOR/2007-122, s. 76 SOR/2019-240, s. 25
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 11
11 A financial entity shall keep a large virtual currency transaction record in respect of every amount of $10,000 or more in virtual currency that it receives from a person or entity in a single transaction, unless the amount is received from another financial entity or a public body or from a person who is acting on behalf of a client that is a financial entity or public body. SOR/2007-293, s. 8 SOR/2019-240, s. 25
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 12
the person or entity that requested the initiation of the electronic funds transfer, unless that information was not, despite the taking of reasonable measures, included with the transfer and is not otherwise known, (xi) the number of every account that is affected by the electronic funds transfer, other than those referred to in subparagraph (viii), and (r) if it transfers an amount of $1,000 or more in virtual currency at the request of a person or entity, a record of (i) the date of the transfer, (ii) the type and amount of each virtual currency that is involved in the transfer, (iii) the person’s or entity’s name, address, the nature of their principal business or their occupation and, in the case of a person, their date of birth, (iv) the name and address of each beneficiary, (v) the number of every account that is affected by the transaction, the type of account and the name of each account holder, (vi) every reference number that is connected to the transaction and has a function equivalent to that of an account number, (vii) every transaction identifier, including the sending and receiving addresses, and (viii) the exchange rates used and their source, (s) if it receives an amount of $1,000 or more in virtual currency for remittance to a beneficiary, a record of (i) the date of the receipt, (ii) the type and amount of each virtual currency that is received, (iii) the name and address of each beneficiary, the nature of their principal business or their occupation and, in the case of a person, their date of birth, (iv) the date of the remittance, (v) the exchange rates used for the remittance and their source, (vi) if the remittance is in virtual currency, the type and amount of each virtual currency involved in the remittance, (vii) if the remittance is not in virtual currency, the type of remittance and its value, if different from the amount of virtual currency received, (viii) the number of every account that is affected by the transaction, the type of account and the name of each account holder, (ix) every reference number that is connected to the transaction and has a function equivalent to that of an account number, (x) every transaction identifier, including the sending and receiving addresses, and (xi) the name and address of the person or entity that requested the transfer unless that information was not, despite the taking of reasonable measures, included with the transfer and is not otherwise known; (t) a virtual currency exchange transaction ticket in respect of every virtual currency exchange transaction. SOR/2019-240, s. 25 SOR/2020-112, s. 4
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 14
in subparagraph (viii); (j) if it transfers from a prepaid payment product account an amount of $1,000 or more in virtual currency at the request of a person or entity, a record of (i) the date of the transfer, (ii) the type and amount of each virtual currency that is involved in the transfer, (iii) the person’s or entity’s name and address, the nature of their principal business or their occupation and, in the case of a person, their date of birth, (iv) the name and address of each beneficiary, (v) the number of every account that is affected by the transaction, the type of account and the name of each account holder, (vi) every reference number that is connected to the transaction and has a function equivalent to that of an account number, (vii) every transaction identifier, including the sending and receiving addresses, and (viii) the exchange rates used and their source; (k) if it receives an amount of $1,000 or more in virtual currency for remittance to a beneficiary by payment to the prepaid payment product account, a record of (i) the date of the receipt, (ii) the type and amount of each virtual currency that is received, (iii) the name and address of each beneficiary, the nature of their principal business or their occupation and, in the case of a person, their date of birth, (iv) the date of the remittance, (v) the exchange rates used for the remittance and their source, (vi) if the remittance is in virtual currency, the type and amount of each virtual currency involved, (vii) if the remittance is not in virtual currency, the type of remittance and its value, if different from the amount of virtual currency received, (viii) the number of every account that is affected by the transaction, the type of account and the name of each account holder, (ix) every reference number that is connected to the transaction and has a function equivalent to that of an account number, (x) every transaction identifier, including the sending and receiving addresses, and (xi) the name and address of the person or entity that requested the transfer unless that information was not, despite the taking of reasonable measures, included with the transfer and is not otherwise known; and (l) a virtual currency exchange transaction ticket in respect of every virtual currency exchange transaction that is connected to the prepaid payment product account. (2) In this section, prepaid payment product slip means a record that sets out (a) the date of a payment to a prepaid payment product account; (b) the name of the person or entity that makes the payment; (c) the type and amount of each type of funds or each of the virtual currencies involved in the payment; (d) the method by which the payment is made; (e) the name of each holder of the prepaid payment product account; and (f) the account number and, if different, the number that identifies the prepaid payment product that is connected to the account. SOR/2007-122, s. 27; SOR/2007-293, s. 10; SOR/2008-21, s. 5; SOR/2016-153, s. 22 SOR/2019-240, s. 28 SOR/2020-112, s. 6
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 15
15 (1) A trust company shall also keep the following records in respect of a trust for which it is trustee: (a) a copy of the trust deed; (b) a record of the settlor’s name and address and (i) if the settlor is a person, their date of birth and the nature of their principal business or their occupation, and (ii) if the settlor is an entity, the nature of its principal business; and (c) if the trust is an institutional trust and the settlor is a corporation, a copy of the part of the official corporate records that contains any provision relating to the power to bind the corporation in respect of the trust. (2) In this section, institutional trust means a trust that is established by a corporation or other entity for a particular business purpose and includes a pension plan trust, a pension master trust, a supplemental pension plan trust, a mutual fund trust, a pooled fund trust, a registered retirement savings plan trust, a registered retirement income fund trust, a registered education savings plan trust, a group registered retirement savings plan trust, a deferred profit sharing plan trust, an employee profit sharing plan trust, a retirement compensation arrangement trust, an employee savings plan trust, a health and welfare trust, an unemployment benefit plan trust, a foreign insurance company trust, a foreign reinsurance trust, a reinsurance trust, a real estate investment trust, an environmental trust and a trust established in respect of an endowment, a foundation or a registered charity. SOR/2007-293, s. 11 SOR/2019-240, s. 28
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 16
nancial institution has in place anti-money laundering and anti-terrorist financing policies and procedures, including procedures for approval for the opening of new accounts and, if the reasonable measures are unsuccessful or the policies and procedures are not in place, shall, for the purpose of detecting any transactions that are required to be reported to the Centre under section 7 of the Act, take reasonable measures to monitor all transactions conducted in the context of the correspondent banking relationship. (3.1) A financial entity that enters into a correspondent banking relationship shall periodically conduct, at a frequency that is appropriate to the level of risk, based on a risk assessment referred to in subsection 9.6(2) of the Act that takes into account the information collected in respect of the foreign financial institution in accordance with the Act and these Regulations, ongoing monitoring of that correspondent banking relationship for the purpose of (a) detecting any transactions that are required to be reported in accordance with section 7 of the Act; (b) keeping the information referred to in subsections (2) and (3) and sections 90 and 91 of these Regulations up to date; (c) reassessing the level of risk associated with the foreign financial institution’s transactions and activities related to the correspondent banking relationship; and (d) determining whether transactions or activities are consistent with the information obtained about the foreign financial institution and with the risk assessment. (4) For greater certainty, section 12 does not apply in respect of an account that is opened for a foreign financial institution in the context of a correspondent banking relationship. SOR/2019-240, s. 28 SOR/2023-194, s. 3 SOR/2023-194, s. 18(E)
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 17
17 (1) A life insurance broker or agent is engaged in a business or profession for the purposes of paragraph 5(i) of the Act. (2) Subsection (1) does not apply to a life insurance broker or agent when they are acting as a managing general agent. SOR/2007-122, s. 30; SOR/2016-153, s. 24 SOR/2019-240, s. 28
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 18
18 A life insurance company or life insurance broker or agent that receives an amount of $10,000 or more in cash from a person or entity in a single transaction shall report the transaction to the Centre, together with the information set out in Schedule 1, unless (a) the amount is received from a financial entity or public body or from a person who is acting on behalf of a client that is a financial entity or public body; or (b) the transaction (i) involves the sale of an immediate or deferred annuity that is paid for entirely with funds that are directly transferred from a registered pension plan or from a pension plan that is required to be registered under the Pension Benefits Standards Act, 1985 , or similar provincial legislation, (ii) involves the sale of a registered annuity policy or a registered retirement income fund, (iii) involves the sale of an immediate or deferred annuity that is paid for entirely with the proceeds of a group life insurance policy, or (iv) is part of a reverse mortgage or structured settlement. SOR/2007-122, s. 31; SOR/2016-153, s. 25 SOR/2019-240, s. 28
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 19
19 A life insurance company or life insurance broker or agent that receives an amount of $10,000 or more in virtual currency from a person or entity in a single transaction shall report the transaction to the Centre, together with the information set out in Schedule 4. SOR/2007-122, s. 32 SOR/2019-240, s. 28
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 20
20 A life insurance company or life insurance broker or agent shall keep a large cash transaction record in respect of every amount of $10,000 or more in cash that they receive from a person or entity in a single transaction, unless (a) the amount is received from a financial entity or public body or from a person who is acting on behalf of a client that is a financial entity or public body; or (b) the transaction (i) involves the sale of an immediate or deferred annuity that is paid for entirely with funds that are directly transferred from a registered pension plan or from a pension plan that is required to be registered under the Pension Benefits Standards Act, 1985 , or similar provincial legislation, (ii) involves the sale of a registered annuity policy or a registered retirement income fund, (iii) involves the sale of an immediate or deferred annuity that is paid for entirely with the proceeds of a group life insurance policy, or (iv) is part of a reverse mortgage or structured settlement. SOR/2007-122, s. 32 SOR/2019-240, s. 28
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 21
21 A life insurance company or life insurance broker or agent shall keep a large virtual currency transaction record in respect of every amount of $10,000 or more in virtual currency that they receive from a person or entity in a single transaction, unless the amount is received from a financial entity or public body or from a person who is acting on behalf of a client that is a financial entity or public body. SOR/2019-240, s. 28
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 22
22 (1) A life insurance company or life insurance broker or agent shall, regardless of the means of payment, keep an information record in connection with the sale of an immediate or deferred annuity or a life insurance policy (a) for which they are to receive an amount of $10,000 or more over the duration of the annuity or policy; or (b) under which they are to remit an amount of $10,000 or more to a beneficiary over the duration of the annuity or policy. (2) The information record (a) in connection with the sale referred to in paragraph (1)(a) shall be created when the life insurance company or life insurance broker or agent establishes the annuity or policy and shall be kept, subject to subsection (3), in respect of the annuitant or policy holder; and (b) in connection with the sale referred to in paragraph (1)(b) shall be created before the life insurance company or life insurance broker or agent first remits funds or virtual currency to the beneficiary under the annuity or policy and shall be kept in respect of the beneficiary. (3) In the case of a life insurance policy that is a group life insurance policy or in the case of a group annuity, the information record shall be kept in respect of the applicant for the policy or annuity. (4) Paragraph (2)(b) does not apply if the life insurance company or life insurance broker or agent, due to facts or circumstances beyond its control, is unable to create the information record within the time period in which they are required, under federal or provincial legislation, to first remit funds or virtual currency to the beneficiary. SOR/2019-240, s. 28
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 23
23 A life insurance company or life insurance broker or agent that keeps an information record under section 22 in respect of a corporation shall also keep a copy of the part of the official corporate records that contains any provision relating to the power to bind the corporation in respect of transactions with the life insurance company or life insurance broker or agent. SOR/2003-358, s. 6; SOR/2007-122, s. 33; SOR/2007-293, s. 13; SOR/2016-153, s. 27 SOR/2019-240, s. 28
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 24
24 Sections 18 to 23 do not apply to a life insurance company or life insurance broker or agent when they are dealing in reinsurance. SOR/2019-240, s. 28
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 24.1
24.1 A factor is engaged in a business or profession for the purposes of paragraph 5(i) of the Act. SOR/2025-68, s. 3
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 24.11
24.11 (1) A factor shall report the following transactions and information to the Centre: (a) the receipt from a person or entity of an amount of $10,000 or more in cash in a single transaction, together with the information set out in Schedule 1; and (b) the receipt from a person or entity of an amount of $10,000 or more in virtual currency in a single transaction, together with the information set out in Schedule 4. (2) A factor is not required to report the transaction and information under paragraph (1)(a) if the amount is received from a financial entity or public body or from a person who is acting on behalf of a client that is a financial entity or public body. SOR/2025-68, s. 3
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 24.12
24.12 A factor shall keep a large cash transaction record in respect of every amount of $10,000 or more in cash that it receives from a person or entity in a single transaction, unless the amount is received from a financial entity or public body or from a person who is acting on behalf of a client that is a financial entity or public body. SOR/2025-68, s. 3
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 24.13
24.13 A factor shall keep a large virtual currency transaction record in respect of every amount of $10,000 or more in virtual currency that it receives from a person or entity in a single transaction, unless the amount is received from a financial entity or public body or from a person who is acting on behalf of a client that is a financial entity or public body. SOR/2025-68, s. 3