GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 135
135 (1) A person or entity that is required under these Regulations to keep a signature card or an account operating agreement shall, when they open the account, take reasonable measures to determine whether the account will be used by or on behalf of a third party. (2) If the person or entity determines that the account will be used by or on behalf of a third party, the person or entity shall take reasonable measures to obtain the following information and shall keep a record of the information obtained: (a) if the third party is a person, their name, address, telephone number and date of birth and the nature of their principal business or their occupation; (b) if the third party is an entity, its name, address and telephone number, the nature of its principal business, its registration or incorporation number and the jurisdiction and country of issue of that number; and (c) the relationship between the third party and each account holder. (3) If the person or entity is not able to determine whether the account will be used by or on behalf of a third party but there are reasonable grounds to suspect that it will, the person or entity shall keep a record that (a) indicates whether, according to a person who is authorized to act in respect of the account, the account will only be used by or on behalf of an account holder; and (b) describes the reasonable grounds to suspect that the account will be used by or on behalf of a third party. (4) Subsection (1) does not apply if every account holder is a financial entity or a securities dealer that is engaged in the business of dealing in securities in Canada. (4.1) [Repealed, SOR/2019-240, s. 24] (5) Subsection (2) does not apply if a securities dealer is required to keep an account operating agreement in respect of an account of a person or entity that is engaged in the business of dealing in securities only outside Canada and (a) the account is in a country that is a member of the Financial Action Task Force; (b) the account is in a country that is not a member of the Financial Action Task Force but has implemented the Financial Action Task Force’s recommendations relating to client identification and, when the account is opened, the securities dealer has obtained written assurance from the account holder that the country has implemented those recommendations; or (c) the account is in a country that is not a member of the Financial Action Task Force and has not implemented the Financial Action Task Force’s recommendations relating to client identification but, when the account is opened, the securities dealer has verified the identity of all third parties in accordance with subsection 105(1), 109(1) or 112(1). (6) Subsection (2) does not apply where (a) the account is opened by a legal counsel, an accountant or a real estate broker or sales representative; and (b) the person or entity has reasonable grounds to believe that the account is to be used only for clients of the legal counsel, accountant or real estate broker or sales representative, as the case may be. SOR/2007-122, ss. 23, 76 SOR/2019-240, s. 24
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 136
136 (1) A person or entity that is required to keep an information record under these Regulations — other than one in connection with a life insurance policy referred to in paragraph 22(1)(b) — shall, when they create the information record, take reasonable measures to determine whether the person or entity to which it pertains is acting on behalf of a third party. (2) If the person or entity determines that the person or entity to which the information record pertains is acting on behalf of a third party, the person or entity shall take reasonable measures to obtain the following information and shall keep a record of the information obtained: (a) if the third party is a person, their name, address, telephone number and date of birth and the nature of their principal business or their occupation; (b) if the third party is an entity, its name, address and telephone number, the nature of its principal business, its registration or incorporation number and the jurisdiction and country of issue of that number; and (c) the relationship between the third party and the person or entity to which the information record pertains. (3) If the person or entity is not able to determine whether the person or entity to which the information record pertains is acting on behalf of a third party but there are reasonable grounds to suspect that they are, the person or entity shall keep a record that (a) indicates whether, according to the person or entity to which the information record pertains, they are acting on their own behalf only; and (b) describes the reasonable grounds to suspect that the person or entity to which the information record pertains is acting on behalf of a third party. SOR/2019-240, s. 45
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 137
137 (1) A casino that is required to report a disbursement under section 71 shall, when the casino makes the disbursement, take reasonable measures to determine whether the person or entity that requests that the disbursement be made is acting on behalf of a third party. (2) If the casino determines that the person or entity that makes the request is acting on behalf of a third party, the casino shall take reasonable measures to obtain the following information and shall keep a record of the information obtained: (a) if the third party is a person, their name, address, telephone number and date of birth and the nature of their principal business or their occupation; (b) if the third party is an entity, its name, address and telephone number, the nature of its principal business, its registration or incorporation number and the jurisdiction and country of issue of that number; and (c) the relationship between the third party and the person or entity that makes the request. (3) If the casino is not able to determine whether the person or entity that makes the request is acting on behalf of a third party but there are reasonable grounds to suspect that they are, the casino shall keep a record that (a) indicates whether, according to the person or entity that makes the request, they are acting on their own behalf only; and (b) describes the reasonable grounds to suspect that the person or entity that makes the request is acting on behalf of a third party. SOR/2019-240, s. 45
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 138.1
138.1 (1) Every person or entity that identifies a material discrepancy between the information that they obtain under paragraphs 138(1)(a) and (d) and the information that they consult in accordance with subsection 138(2) shall (a) report the discrepancy to the Director appointed under section 260 of the Canada Business Corporations Act within 30 days after the day on which the discrepancy is identified, together with the information set out in Schedule 7; and (b) keep a copy of any acknowledgement of receipt of the report. (2) A person or entity is not required to report under paragraph (1)(a) if the material discrepancy is resolved within 30 days after the day on which it is identified. (3) For the purposes of this section, a material discrepancy does not include a discrepancy that arises from (a) an error in spelling or a minor variation in a name or address; (b) the use of a service address in one information source and a residential address in another; (c) the fact that information is not available to the public due to an exception or exemption under subsection 21.303(2) or (3) of the Canada Business Corporations Act ; or (d) the fact that information that is made available to the public under section 21.303 of the Canada Business Corporations Act is about persons who are not referred to in paragraph 138(1)(a) of these Regulations, or vice versa. SOR/2025-68, s. 14
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 139
139 A trust company that is required to keep a record in respect of an inter vivos trust under these Regulations shall keep a record that sets out the name, address and telephone number of each beneficiary that is known when the trust company becomes a trustee for the inter vivos trust and (a) if the beneficiary is a person, their date of birth and the nature of their principal business or their occupation; and (b) if the beneficiary is an entity, the nature of its principal business. SOR/2019-240, s. 46
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 140
140 (1) For the purposes of paragraph 7(1)(a), sections 18 and 25 and paragraphs 30(1)(a) and 70(1)(a), if the person or entity that has the obligation to report authorizes another person or entity to receive funds on their behalf, and that other person or entity receives an amount of $10,000 or more in cash in a single transaction in accordance with the authorization, the person or entity that has the obligation to report is deemed to have received the amount when it is received by the other person or entity. (2) For the purposes of paragraph 33(1)(a), if the foreign money services business authorizes another person or entity to receive funds on their behalf from a person or entity in Canada, and that other person or entity receives an amount of $10,000 or more in cash in a single transaction in accordance with the authorization, the foreign money services business is deemed to have received the amount when it is received by the other person or entity. (3) For the purposes of sections 39, 48, 54, 60, 64.2, 66 and 78, if the person or entity that has the obligation to report authorizes another person or entity to receive funds on their behalf in connection with the activity referred to in the applicable section, and that other person or entity receives an amount of $10,000 or more in cash in a single transaction in accordance with the authorization, the person or entity that has the obligation to report is deemed to have received the amount when it is received by the other person or entity. SOR/2019-240, s. 46 SOR/2023-194, s. 11
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 141
141 (1) For the purposes of paragraph 7(1)(d), sections 19 and 26 and paragraphs 30(1)(f) and 70(1)(d), if the person or entity that has the obligation to report authorizes another person or entity to receive virtual currency on their behalf, and that other person or entity receives an amount of $10,000 or more in virtual currency in a single transaction in accordance with the authorization, the person or entity that has the obligation to report is deemed to have received the amount when it is received by the other person or entity. (2) For the purposes of paragraph 33(1)(f), if the foreign money services business authorizes another person or entity to receive virtual currency on their behalf from a person or entity in Canada, and that other person or entity receives an amount of $10,000 or more in virtual currency in a single transaction in accordance with the authorization, the foreign money services business is deemed to have received the amount when it is received by the other person or entity. (3) For the purposes of sections 40, 49, 55, 61, 64.3, 67 and 79, if the person or entity that has the obligation to report authorizes another person or entity to receive virtual currency on their behalf in connection with the activity referred to in the applicable section, and that other person or entity receives an amount of $10,000 or more in virtual currency in a single transaction in accordance with the authorization, the person or entity that has the obligation to report is deemed to have received the amount when it is received by the other person or entity. SOR/2019-240, s. 46 SOR/2023-194, s. 12
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 142
142 (1) For the purposes of sections 10, 20, 27 and 31 and subsection 72(1), if the person or entity that has the obligation to keep a large cash transaction record authorizes another person or entity to receive funds on their behalf, and that other person or entity receives an amount of $10,000 or more in cash in a single transaction in accordance with the authorization, the person or entity that has the obligation to keep the large cash transaction record is deemed to have received the amount when it is received by the other person or entity. (2) For the purposes of section 34, if the foreign money services business authorizes another person or entity to receive funds on their behalf from a person or entity in Canada, and that other person or entity receives an amount of $10,000 or more in cash in a single transaction in accordance with the authorization, the foreign money services business is deemed to have received the amount when it is received by the other person or entity. (3) For the purposes of sections 41, 50, 56, 62, 64.4, 68 and 80, if the person or entity that has the obligation to keep a large cash transaction record authorizes another person or entity to receive funds on their behalf in connection with the activity referred to in the applicable section, and that other person or entity receives an amount of $10,000 or more in cash in a single transaction in accordance with the authorization, the person or entity that has the obligation to keep the large cash transaction record is deemed to have received the amount when it is received by the other person or entity. SOR/2019-240, s. 46 SOR/2023-194, s. 13
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 143
143 (1) For the purposes of sections 11, 21, 28, 32 and 73, if the person or entity that has the obligation to keep a large virtual currency transaction record authorizes another person or entity to receive virtual currency on their behalf, and that other person or entity receives an amount of $10,000 or more in virtual currency in a single transaction in accordance with the authorization, the person or entity that has the obligation to keep the large virtual currency transaction record is deemed to have received the amount when it is received by the other person or entity. (2) For the purposes of section 35, if the foreign money services business authorizes another person or entity to receive virtual currency on their behalf from a person or entity in Canada, and that other person or entity receives an amount of $10,000 or more in virtual currency in a single transaction in accordance with the authorization, the foreign money services business is deemed to have received the amount when it is received by the other person or entity. (3) For the purposes of sections 42, 51, 57, 63, 64.5, 69 and 81, if the person or entity that has the obligation to keep a large virtual currency transaction record authorizes another person or entity to receive virtual currency on their behalf in connection with the activity referred to in the applicable section, and that other person or entity receives an amount of $10,000 or more in virtual currency in a single transaction in accordance with the authorization, the person or entity that has the obligation to keep the large virtual currency transaction record is deemed to have received the amount when it is received by the other person or entity. SOR/2019-240, s. 46 SOR/2023-194, s. 14
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 144
144 A person or entity that sends a report to the Centre shall keep a copy of the report. SOR/2019-240, s. 46
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 145
145 Every person and entity that enters into a business relationship shall keep a record that sets out the purpose and intended nature of the business relationship. SOR/2019-240, s. 46
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 146
146 (1) A person or entity that is required to verify the identity of another person or entity shall keep a record of the measures taken when they conduct ongoing monitoring of their business relationship with that person or entity and of the information obtained from that ongoing monitoring. (2) Subsection (1) does not apply (a) to a financial entity in respect of a group plan account held within a dividend reinvestment plan or a distribution reinvestment plan, including a plan that permits purchases of additional shares or units by the member with contributions other than the dividends or distributions paid by the sponsor of the plan, if the sponsor of the plan is an entity whose shares or units are traded on a Canadian stock exchange and that operates in a country that is a member of the Financial Action Task Force; or (b) to a life insurance company or a life insurance broker or agent when they are dealing in reinsurance. SOR/2019-240, s. 46
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 147
147 If a record is required to be kept under these Regulations, the record or a copy of it may be kept in a machine-readable or electronic form if a paper copy can readily be produced from it. SOR/2019-240, s. 46
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 148
148 (1) A person or entity that is required to keep records under these Regulations shall keep those records for a period of at least five years after (a) the day on which the account to which they relate is closed, in the case of signature cards, account operating agreements, account applications, credit card applications, records setting out the intended use of the account and records that are required to be kept under paragraph 12(k) or subsection 123(1); (b) the day on which the last business transaction is conducted, in the case of information records, certificates of incorporation, records that are required to be filed annually under applicable provincial securities legislation and similar records that prove a corporation’s existence, partnership agreements, articles of association and similar records that prove the existence of an entity other than a corporation, records that are required to be kept under any of subsections 16(2), 123(2) and (3) and 138(3) and (5) and lists and records, other than information records, that are required to be kept under section 37; and (c) the day on which they were created, in the case of all other records. (2) For greater certainty, if a record that is kept under these Regulations is the property of a person’s employer or of a person or entity with which the person is in a contractual relationship, the person is not required to keep the record after the end of their employment or the contractual relationship. SOR/2019-240, s. 46
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 149
149 Every record that is required to be kept under these Regulations shall be kept in such a way that it can be provided to an authorized person within 30 days after the day on which a request is made to examine it under section 62 of the Act. SOR/2019-240, s. 46
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 150
150 Sections 7, 10 to 14, 16, 85 to 88 and 116, subsections 123(1) and (2), sections 135, 138 and 145 and subsection 148(1) do not apply to the activities of a financial entity in respect of the processing for a merchant of payments by credit card or prepaid payment product. SOR/2019-240, s. 46
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 150.1
150.1 Paragraphs 7(1)(b) and (c), 12(o) to (q), 13(f) and (g), 14(1)(h) and (i), 70(1)(b) and (c) and 74(2)(c) to (e), clauses 86(a)(iii)(B) and (F), subparagraphs 116(1)(b)(i) and (ii) and paragraphs 120.2(3)(a) and (b) do not apply in respect of an electronic funds transfer that is carried out by means of a credit or debit card or a prepaid payment product if the beneficiary has an agreement with the payment service provider that permits payment by that means for the provision of goods and services. SOR/2022-76, s. 9
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 151
151 (1) For greater certainty, paragraphs 7(1)(d), section 11, paragraphs 12(r) to (t), 13(h) and 14(1)(j) to (l), sections 19, 21, 26 and 28, paragraphs 30(1)(f), section 32, paragraph 33(1)(f), section 35, paragraphs 36(g), (h) and (j), sections 40, 42, 49, 51, 55, 57, 61, 63, 67 and 69, paragraph 70(1)(d) and sections 73, 79 and 81 do not apply to (a) a transfer or receipt of virtual currency as compensation for the validation of a transaction that is recorded in a distributed ledger; or (b) an exchange, transfer or receipt of a nominal amount of virtual currency for the sole purpose of validating another transaction or a transfer of information. (2) In this section, distributed ledger means a digital ledger that is maintained by multiple persons or entities and that can only be modified by a consensus of those persons or entities. SOR/2019-240, s. 46
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 151.1
151.1 (1) Paragraphs 4.1(d) and (e) and section 37 do not apply in respect of an agreement that applies only in respect of the transport of (a) cash, virtual currency within the meaning of paragraph (b) of the definition of that term in subsection 1(2) or money orders, traveller’s cheques or other similar negotiable instruments between (i) the Bank of Canada and a person or entity in Canada, (ii) two financial entities, or (iii) two places of business of the same person or entity, if that person or entity is referred to in section 5 of the Act and the transport is carried out at their request; or (b) coins of the currency of Canada for the purposes of delivery in accordance with subsection 7(1) of the Royal Canadian Mint Act . (2) Paragraphs 36(f.1) to (f.3), 95(1)(c.1), (3)(a) and (4)(a) and 120(1)(b.1) do not apply in respect of the transport of (a) cash, virtual currency within the meaning of paragraph (b) of the definition of that term in subsection 1(2) or money orders, traveller’s cheques or other similar negotiable instruments between (i) the Bank of Canada and a person or entity in Canada, (ii) two financial entities, or (iii) two places of business of the same person or entity, if that person or entity is referred to in section 5 of the Act and the transport is carried out at their request; or (b) coins of the currency of Canada for the purposes of delivery in accordance with subsection 7(1) of the Royal Canadian Mint Act . SOR/2023-193, s. 20
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 152
152 (1) The requirement to report information set out in any of Schedules 1 to 7 does not apply in respect of information set out in an item of that Schedule that is not marked with an asterisk if, after taking reasonable measures to do so, the person or entity is unable to obtain the information. (2) The requirement to report information set out in any of Schedules 1 to 4 and 6 does not apply in respect of information set out in an item of that Schedule that is marked with an asterisk if (a) the information is with respect to two or more cash transactions referred to in section 126, electronic funds transfers referred to in section 127 or 128, virtual currency transactions referred to in section 129 or disbursements referred to in section 130 that are deemed to be a single transaction of $10,000 or more; and (b) after taking reasonable measures to do so, the person or entity is unable to obtain the information. (3) For greater certainty, a person or entity is not required to report information set out in any item of Schedules 1 to 7 that is not applicable in the circumstances. SOR/2019-240, s. 46 SOR/2025-68, s. 15
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations — 153
153 A person or entity that is required to keep a record under these Regulations is not required to include information in that record that is readily obtainable from other records that they are required to keep under these Regulations. SOR/2019-240, s. 46