Source: http://laws-lois.justice.gc.ca/eng/regulations/SOR-2007-292/FullText.html
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HomeLaws Website HomeConsolidated RegulationsSOR/2007-292 - Table of Contents SOR/2007-292
Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties Regulations (SOR/2007-292)Full Document: HTMLFull Document: Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties Regulations | XMLFull Document: Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties Regulations [164 KB] | PDFFull Document: Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties Regulations [417 KB]Regulations are current to 2017-03-20 and last amended on 2016-06-30. Previous VersionsTable of Contents
Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties RegulationsSOR/2007-292PROCEEDS OF CRIME (MONEY LAUNDERING) AND TERRORIST FINANCING ACTRegistration 2007-12-13Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties RegulationsP.C. 2007-1921 2007-12-13
Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 73.1(1)Footnote a of the Proceeds of Crime (Money Laundering) and Terrorist Financing ActFootnote b, hereby makes the annexed Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties Regulations.Return to footnote aS.C. 2006, c. 12, s. 40Return to footnote bS.C. 2000, c. 17; S.C. 2001, c. 41, s. 48Interpretation1 In these Regulations, Act means the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
2 The short-form descriptions that are set out in column 2 of Part 1 of the schedule, and column 3 of Parts 2, 3 and 4 of the schedule, form no part of these Regulations and are inserted for convenience of reference only.SOR/2008-194, s. 1.Previous Version
Violations3 The contravention of any of the following provisions is a violation that may be proceeded with under sections 73.11 to 73.5 of the Act:(a) a provision of the Act set out in Column 1 of Part 1 of the schedule;(b) a provision of the Act and a provision of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations set out in Columns 1 and 2 of Part 2 of the schedule;(c) a provision of the Act and a provision of the Proceeds of Crime (Money Laundering) and Terrorist Financing Suspicious Transaction Reporting Regulations set out in Columns 1 and 2 of Part 3 of the schedule; and(d) a provision of the Act and a provision of the Proceeds of Crime (Money Laundering) and Terrorist Financing Registration Regulations set out in Columns 1 and 2 of Part 4 of the schedule.SOR/2008-194, s. 2.Previous Version
Classification4 (1) Each violation is classified as a minor, serious or very serious violation, as set out in column 3 of Part 1 of the schedule and column 4 of Parts 2 to 4 of the schedule.(2) A series of minor violations identified on a notice of violation shall be considered to be a serious violation for the purpose of section 73.21 of the Act if the total of the penalties for the violations set out in the notice is equal to or greater than $10,000.SOR/2008-194, s. 3.Previous Version
Penalties5 Subject to subsection 73.1(2) of the Act, the range of penalties in respect of a violation is(a) $1 to $1,000 in the case of a minor violation;(b) $1 to $100,000 in the case of a serious violation; and(c) $1 to $500,000 in the case of a very serious violation.
Additional Criteria6 For the purposes of section 73.11 of the Act, the history of compliance by the person or entity with the Act, other than Part 2 of the Act, the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, the Proceeds of Crime (Money Laundering) and Terrorist Financing Suspicious Transaction Reporting Regulations and the Proceeds of Crime (Money Laundering) and Terrorist Financing Registration Regulations are prescribed as criteria that are to be taken into account in determining the amount of a penalty.SOR/2008-194, s. 4.Previous Version
Service of Documents7 (1) Service of any document under Part 4.1 of the Act may be made(a) in the case of a person, by(i) personally serving the document on the person,(ii) leaving the document with someone who appears to be an adult member of the same household at the last known address or usual place of residence of the person, or(iii) sending the document by registered mail, courier, fax or other electronic means to the person’s last known address or usual place of residence; and(b) in the case of an entity, by(i) leaving the document at the entity’s head office or place of business, with an officer or other person who appears to be in control or management of the head office or place of business,(ii) sending the document by registered mail, courier or fax to the head office or place of business of the entity, or(iii) sending the document by electronic means other than by fax to any person referred to in subparagraph (i).(2) If a document is sent by fax or other electronic means, a copy of it shall also be sent by registered mail to the person’s last known address or usual place of residence, or, in the case of an entity, to the entity’s head office or place of business.
8 In the absence of proof to the contrary, a document — other than a document that is personally served — is deemed to be served(a) in the case of a document that is left with an adult referred to in subparagraph 7(1)(a)(ii), on the day the document is left with the adult;(b) in the case of a document that is sent by registered mail or courier, on the tenth day after the date indicated in the receipt issued by the postal or courier service; and(c) in the case of a document sent by fax or other electronic means, on the day of transmission.
Interest Rate Determination9 (1) For the purposes of section 73.28 of the Act, the prescribed rate of interest at any time in a particular quarter is the total of:(a) the rate that is the simple arithmetic mean, expressed as a percentage per year and rounded to the next higher whole percentage where the mean is not a whole percentage, of all amounts each of which is the average equivalent yield, expressed as a percentage per year, of Government of Canada Treasury Bills that mature approximately three months after their date of issue and that are sold at auctions of Government of Canada Treasury Bills during the first month of the quarter preceding the particular quarter; and(b) four per cent.(2) The interest referred to in subsection (1) is calculated and compounded monthly.(3) For the purposes of subsection (1) quarter means a period of three consecutive months ending on March 31, June 30, September 30 or December 31.
Coming into Force10 These Regulations come into force on December 30, 2008.
SCHEDULE(Sections 2, 3 and 4)PART 1Proceeds of Crime (Money Laundering) and Terrorist Financing ActItemColumn 1Column 2Column 3Provision of Proceeds of Crime (Money Laundering) and Terrorist Financing ActShort-form DescriptionClassification of Violation19.4(2)Having a correspondent banking relationship with a shell bankserious29.7(1)Failure to develop policies that establish requirements similar to those of sections 6, 6.1 and 9.6 of the Act and to ensure that foreign branches and foreign subsidiaries apply those policiesserious39.7(2)Applying policies that establish requirements similar to those of sections 6, 6.1 and 9.6 of the Act before they are approved by a board of directorsserious49.7(4)Failure to keep and retain a record of the fact that a foreign branch or foreign subsidiary cannot apply a policy and of the reasons why it cannot do so or to notify the Centre and the principal supervisory or regulating agency or body within a reasonable timeminor4.19.8(1)Failure of an entity to develop and apply policies and procedures related to the exchange of information between it and affiliated entitiesserious511.1Failure to be registered with the Centreserious5.111.43Failure to comply with a ministerial directivevery serious5.211.44(1)Failure to ensure that a foreign branch or foreign subsidiary complies with a ministerial directivevery serious5.311.44(2)Failure to keep and retain a record of the fact that a foreign branch or foreign subsidiary cannot comply with a ministerial directive and of the reasons why it cannot do so or to notify the Centre and the principal supervisory or regulating agency or body within a reasonable timeserious662(2)Failure to give reasonable assistance and information reasonably required to an authorized personserious763.1(2)Failure to provide, in accordance with a notice, documents or other information reasonably required by an authorized personseriousPART 2Proceeds of Crime (Money Laundering) and Terrorist Financing Act and Proceeds of Crime (Money Laundering) and Terrorist Financing RegulationsItemColumn 1Column 2Column 3Column 4Provision of Proceeds of Crime (Money Laundering) and Terrorist Financing ActProvision of Proceeds of Crime (Money Laundering) and Terrorist Financing RegulationsShort-form DescriptionClassification of Violation19(1)2Failure to convert foreign currency transactions into Canadian dollars using the prescribed rateminor29(1)4(1)Failure to send a report electronically, if the sender has the technical capabilities, in accordance with the guidelines prepared by the Centreminor39(1)4(2)Failure to send a report in paper format, if the sender does not have the technical capabilities to send electronically, in accordance with guidelines prepared by the Centreminor49(1)5(1)Failure to report an electronic funds transfer no later than five working days after the transferminor59(1)5(2)Failure to report a large casino disbursement or a transaction for which a large transaction record must be kept within 15 days after the disbursement or transactionminor668(1)Failure to take reasonable measures to determine if an individual giving cash is acting on behalf of a third partyminor768(2)Failure to keep a record of prescribed information respecting third partiesminor868(3)Failure to keep a record of prescribed information respecting suspected third partiesminor969(1)Failure to take reasonable measures when opening an account to determine if the account is to be used by or on behalf of a third partyminor1069(2)Failure to keep a record of prescribed information respecting third partiesminor1169(3)Failure to keep a record of prescribed information in respect of suspected third partiesminor12610(1)Failure to take reasonable measures when client information record is created to determine whether the client is acting on behalf of a third party.minor13610(2)Failure to keep a record of prescribed information when it is determined that the client is acting on behalf of a third partyminor14610(3)Failure to keep a record of prescribed information when there are reasonable grounds to suspect that the client is acting on behalf of a third partyminor15611Failure of a trust company to keep a record of prescribed information concerning inter vivos trustsminor15.1611.1(1)Failure to obtain the prescribed informationminor15.2611.1(2)Failure to take reasonable measures to confirm the accuracy of the prescribed informationminor15.3611.1(3)Failure to keep a record of the prescribed information and the measures taken to confirm its accuracyminor15.4611.1(4)(a)Failure to take reasonable measures to ascertain the identity of an entity’s most senior managing officerserious15.5611.1(4)(b)Failure to treat activities in respect of the entity as high risk and to take the prescribed special measuresserious15.6611.1(5) Failure to determine whether a not-for-profit organization is a prescribed entity and to keep a record of the determinationminor169(1)12(1)(a)Failure of a financial entity to report the receipt of an amount in cash of $10,000 or more in the course of a single transaction, together with the prescribed informationminor179(1)12(1)(b)Failure of a financial entity to report the sending out of Canada of an electronic funds transfer of $10,000 or more in the course of a single transaction, together with the prescribed informationminor189(1)12(1)(c)Failure of a financial entity to report the receipt from outside Canada of an electronic funds transfer of $10,000 or more in the course of a single transaction, together with the prescribed informationminor19613Failure of a financial entity to keep a large cash transaction record in respect of every amount in cash of $10,000 or more that is received from a client in the course of a single transactionminor20614Failure of a financial entity to keep prescribed recordsminor20.1614.1Failure of a financial entity to keep a prescribed record in respect of every credit card account that it opensminor21615Failure of a trust company to keep prescribed records in respect of a trust for which it is trusteeminor21.19.4(1)(a)15.1(1) and (2)Failure of a specified entity entering into a correspondent banking relationship with a prescribed foreign entity to keep a prescribed recordminor21.29.4(1)(c)15.1(1)Failure of a specified entity entering into a correspondent banking relationship with a prescribed foreign entity to obtain the approval of senior managementminor21.39.4(1)(d)15.1(1)Failure of a specified entity entering into a correspondent banking relationship with a prescribed foreign entity to set out in writing their obligations and those of the foreign entity in respect of the correspondent banking servicesminor21.49.4(1)(e)15.1(1) and (3)Failure of a specified entity to take reasonable measures to ascertain whether a prescribed foreign entity with whom it has entered into a correspondent banking relationship has in place prescribed policies and procedures and, if they are not in place, to take prescribed measuresminor229(1)17Failure of a life insurance company or life insurance broker or agent who receives from a client an amount in cash of $10,000 or more in the course of a single transaction to report the transaction together with the prescribed informationminor23618Failure of a life insurance company or life insurance broker or agent to keep a large cash transaction record in respect of every amount in cash of $10,000 or more that is received from a client in the course of a single transactionminor24619(1)Failure of a life insurance company or life insurance broker or agent to keep a client information record in respect of every annuity or policy for which $10,000 or more is paidminor25620Failure of a life insurance company or life insurance broker or agent to keep prescribed records of a corporate clientminor25.1620.1Failure of a life insurance company or life insurance broker or agent to keep a record of prescribed information when a transaction is reviewedminor269(1)21Failure of a securities dealer who receives from a client an amount in cash of $10,000 or more in the course of a single transaction to report the transaction together with the prescribed informationminor27622Failure of a securities dealer to keep a large cash transaction record in respect of every amount in cash of $10,000 or more that is received from a client in the course of a single transactionminor28623Failure of a securities dealer to keep prescribed recordsminor299(1)28(1)(a)Failure of a money services business to report the receipt from a client of an amount in cash of $10,000 or more in the course of a single transaction, together with the prescribed informationminor309(1)28(1)(b)Failure of a money services business to report the sending out of Canada of an electronic funds transfer of $10,000 or more in the course of a single transaction, together with the prescribed informationminor319(1)28(1)(c)Failure of a money services business to report the receipt from outside Canada of an electronic funds transfer of $10,000 or more in the course of a single transaction, together with the prescribed informationminor32629Failure of a money services business to keep a large cash transaction record in respect of every amount in cash of $10,000 or more that is received from a client in the course of a single transactionminor33630Failure of a money services business to keep prescribed recordsminor33.1631Failure of a specified money services business to keep a record of prescribed information when a transaction is reviewedminor33.2632Failure of a specified money services business to keep a record of prescribed informationminor33.3933.1Failure of a British Columbia notary public or notary corporation to report the receipt of an amount in cash of $10,000 or more in the course of a single transaction, together with the prescribed informationminor33.4633.2(1)Failure of a British Columbia notary public or notary corporation to keep prescribed recordsminor33.5633.2(2)Failure of a British Columbia notary public or notary corporation to keep a large cash transaction record in respect of every amount in cash of $10,000 or more that is received from a client in the course of a single transactionminor33.6633.4Failure of a legal counsel or legal firm to keep prescribed recordsminor33.7633.5(a)Failure of a legal counsel or legal firm to keep prescribed recordsminor349(1)35Failure of an accountant or accounting firm to report the receipt of an amount in cash of $10,000 or more in the course of a single transaction, together with the prescribed informationminor35636(1)Failure of an accountant or accounting firm to keep prescribed recordsminor36636(2)Failure of an accountant or accounting firm to keep a large cash transaction record in respect of every amount in cash of $10,000 or more that they receive in the course of a single transactionminor379(1)38Failure of a real estate broker or sales representative to report the receipt of an amount in cash of $10,000 or more in the course of a single transaction, together with the prescribed informationminor38639(1)Failure of a real estate broker or sales representative to keep prescribed recordsminor39639(2)Failure of a real estate broker or sales representative to keep a large cash transaction record in respect of every amount in cash of $10,000 or more that they receive in the course of a single transactionminor39.19(1)39.2Failure of a dealer in precious metals and stones to report the receipt of an amount in cash of $10,000 or more in the course of a single transaction, together with the prescribed informationminor39.2639.3Failure of a dealer in precious metals and stones to keep a large cash transaction record in respect of every amount in cash of $10,000 or more that is received from a client in the course of a single transactionminor39.39(1)39.6Failure of a real estate developer to report the receipt of an amount of $10,000 or more in the course of a single transaction, together with the prescribed informationminor39.4639.7(1)Failure of a real estate developer to keep prescribed records when engaging in a prescribed activityminor39.5639.7(2)Failure of a real estate developer when engaging in a prescribed activity to keep a large cash transaction record in respect of every amount of $10,000 or more that they receive in the course of a single transactionminor409(1)40(1)(a)Failure of a casino to report the receipt of an amount in cash of $10,000 or more in the course of a single transaction, together with the prescribed informationminor419(1)40(1)(b)Failure of a casino to report the sending out of Canada of an electronic funds transfer of $10,000 or more in the course of a single transaction, together with the prescribed informationminor429(1)40(1)(c)Failure of a casino to report the receipt from outside Canada of an electronic funds transfer of $10,000 or more in the course of a single transaction, together with the prescribed informationminor43641(1)Failure of a casino to keep a large cash transaction record in respect of every amount in cash of $10,000 or more that they receive in the course of a single transactionminor449(1)42(1)Failure of a casino to report the disbursement of $10,000 or more in the course of prescribed transactions, together with the prescribed informationminor45643Failure of a casino to keep prescribed recordsminor45.1644(1)Failure of a casino to take reasonable measures to determine if a person who receives a prescribed disbursement is acting on behalf of a third partyminor45.2644(2)Failure of a casino to keep a record of prescribed information when it is determined that the client is acting on behalf of a third partyminor45.3644(3)Failure of a casino to keep a record of prescribed information when there are reasonable grounds to suspect that the client is acting on behalf of a third partyminor469(1)47Failure of a department or agent or mandatary of Her Majesty in right of Canada or of a province to report the receipt from a client of an amount in cash of $10,000 or more in the course of a single transaction, together with the prescribed informationminor47648Failure of a department or agent or mandatary of Her Majesty in right of Canada or of a province to keep a large cash transaction record in respect of every amount in cash of $10,000 or more that they receive from a client in the course of a single transactionminor48649Failure of a department or agent or mandatary of Her Majesty in right of Canada or of a province to keep prescribed recordsminor499(1)50(3)Failure of a specified financial entity to report changes in prescribed information within 15 days of the changeminor509(1)50(4)(a)Failure of a specified financial entity to verify at least once every 12 months that prescribed conditions are still met in respect of each clientminor519(1)50(4)(b)Failure of a specified financial entity to report prescribed information at least once every 12 monthsminor51.1652.1Failure to keep a record of the purpose and intended nature of a business relationshipminor526.153, 64(1) and 64(2)(b)Failure of a specified person or entity to ascertain in the prescribed manner and within the prescribed period the identity of every individual with whom the person or entity conducts a transaction in respect of which a record must be keptminor52.16.153.1, 64(1) and 64(2)(b.1)Failure to take reasonable measures to ascertain in the prescribed manner and within the prescribed period the identity of every person with whom a transaction that is required to be reported to the Centre is conducted or is attempted to be conductedminor52.29.253.2, 64, 65 and 66Opening an account for a client by a specified person or entity in the prescribed circumstances when the identity of the client cannot be established in accordance with prescribed measuresserious536.154(a), 64(1) and 64(2)(a)Failure of a financial entity to ascertain in the prescribed manner and within the prescribed period the identity of every person for whom a signature card is createdminor546.154(b), 64(1) and 64(2)(b)Failure of a financial entity to ascertain in the prescribed manner and within the prescribed period the identity of every person who conducts a prescribed transaction or transferminor556.154(d), 65(1) and 65(2)(a)Failure of a financial entity to confirm in the prescribed manner and within the prescribed period the existence of, and the prescribed information in respect of, corporations for which the financial entity opens an accountminor566.154(e), 66(1) and 66(2)(a)Failure of a financial entity to confirm in the prescribed manner and within the prescribed period the existence of every entity, other than a corporation, for which the financial entity opens an account.minor56.16.154.1(a), 64(1) and 64(2)(b.2)Failure of a financial entity to ascertain in the prescribed manner and within the prescribed period the identity of every person for whom the financial entity opens a credit card accountminor56.26.154.1(b), 65(1) and 65(2)(a.1)Failure of a financial entity to ascertain in the prescribed manner and within the prescribed period the existence of, and prescribed information in respect of, a corporation for which the financial entity opens a credit card accountminor56.36.154.1(c), 66(1) and 66(2)(a.1)Failure of a financial entity to confirm in the prescribed manner and within the prescribed period the existence of every entity, other than a corporation, for which the financial entity opens a credit card accountminor56.49.3(1)54.2(a) and 67.1(2)Failure of a financial entity to take reasonable measures within the prescribed period to determine whether a person for whom the financial entity opens an account is a politically exposed foreign personminor56.59.3(1)54.2(b) and 67.1(3)Failure of a financial entity to take reasonable measures within the prescribed period to determine whether a person who is an existing account holder is a politically exposed foreign personminor56.69.3(1)54.2(c) and 67.2(3)Failure of a financial entity to take reasonable measures within the prescribed period to determine whether a person who initiates an electronic funds transfer of $100,000 or more is a politically exposed foreign personminor56.79.3(1)54.2(d) and 67.2(3)Failure of a financial entity to take reasonable measures within the prescribed period to determine whether a person who is the beneficiary of an electronic funds transfer of $100,000 or more is a politically exposed foreign personminor56.8654.3, 56.3, 57.2, 59.01, 59.11, 59.21, 59.31, 59.51, 60.1 and 61.1Failure to conduct ongoing monitoring of a business relationship and to keep a record of the measures taken and information obtained minor56.9654.4, 56.4, 57.3, 59.02, 59.12, 59.22, 59.32, 59.52, 60.2 and 61.2Failure to treat activities in respect of a person as high risk and to take the prescribed special measuresserious576.155(a), 64(1) and 64(2)(c)Failure of a trust company to ascertain in the prescribed manner and within the prescribed period the identity of every person who is the settlor of an inter vivos trustminor586.155(b), 65(1) and 65(2)(b)Failure of a trust company to confirm in the prescribed manner and within the prescribed period the existence of, and prescribed information in respect of, every corporation that is the settlor of an institutional trustminor596.155(c), 66(1) and 66(2)(b)Failure of a trust company to confirm in the prescribed manner and within the prescribed period the existence of every entity, other than a corporation, that is the settlor of an institutional trustminor606.155(d)(i), 65(1), 65(2)(b) or 55(d)(i), 66(1) and 66(2)(b)Failure of a trust company to confirm in the prescribed manner and within the prescribed period the existence of — and, in the case of a corporation, the prescribed information in respect of — an entity that is authorized to act as a co-trustee of any trustminor616.155(d)(ii), 64(1) and 64(2)(c)Failure of a trust company to ascertain in the prescribed manner and within the prescribed period the identity of persons who are authorized to give instructions with respect to an entity’s activities as co-trusteeminor626.155(e), 64(1) and 64(2)(c)Failure of a trust company to ascertain in the prescribed manner and within the prescribed period the identity of each person who is authorized to act as co-trustee of any trustminor62.19.4(1)(a)55.1(a)Failure of a financial entity that enters into a correspondent banking relationship with a foreign financial institution to ascertain, in the prescribed manner, prescribed information in respect of the foreign financial institutionminor62.29.4(1)(a)55.1(b)Failure of a financial entity that enters into a correspondent banking relationship with a foreign financial institution to take reasonable measures to ascertain, in the prescribed manner, prescribed information in respect of the foreign financial institution and to conduct prescribed monitoringminor62.39.4(1)(a)55.2(a)Failure of a financial entity that enters into a correspondent banking relationship with a foreign financial institution to take reasonable measures to ascertain whether the institution has met the prescribed requirementsminor62.49.4(1)(a)55.2(b)Failure of a financial entity that enters into a correspondent banking relationship with a foreign financial institution to take reasonable measures to ascertain whether the institution has agreed to provide customer identification dataminor636.156(1), 64(1) and 64(2)(d)Failure of a life insurance company or life insurance broker or agent to ascertain in the prescribed manner and within the prescribed period the identity of every person who conducts a transaction for which a client information record is required to be keptminor646.156(3), 65(1) and 65(2)(c)Failure of a life insurance company or life insurance broker or agent to confirm in the prescribed manner and within the prescribed period the existence of, and the prescribed information in respect of, every corporation in respect of which they are required to keep a client information recordminor656.156(4), 66(1) and 66(2)(c)Failure of a life insurance company or life insurance broker or agent to confirm in the prescribed manner and within the prescribed period the existence of every entity, other than a corporation, in respect of which they are required to keep a client information recordminor65.19.3(1)56.1 and 67.2(3)Failure of a life insurance company or life insurance broker or agent to take reasonable measures to determine within the prescribed period if a prescribed person is a politically exposed foreign personminor666.157(1), 64(1) and 64(2)(a)Failure of a securities dealer to ascertain in the prescribed manner and within the prescribed period the identity of every person who is authorized to give instructions in respect of an account for which a record must be keptminor676.157(3), 65(1) and 65(2)(d)Failure of a securities dealer to confirm in the prescribed manner and within the prescribed period the existence of, and prescribed information in respect of, every corporation for which they open an accountminor686.157(4), 66(1) and 66(2)(d)Failure of a securities dealer to confirm in the prescribed manner and within the prescribed period the existence of every entity, other than a corporation, for which they open an accountminor68.19.3(1)57.1(1) and 67.1(2)Failure of a securities dealer to take reasonable measures within the prescribed period to determine whether a person for whom the dealer opens an account is a politically exposed foreign personminor68.29.3(1)57.1(2) and 67.1(3)Failure of a securities dealer to take reasonable measures within the prescribed period to determine whether a person who is an existing account holder is a politically exposed foreign personminor696.159(1)(a), 64(1) and 64(2)(b)Failure of a money services business to ascertain in the prescribed manner and within the prescribed period the identity of every person who conducts a transaction of $3,000 or more for the issuance or redemption of money orders, traveller’s cheques or other similar negotiable instrumentsminor706.159(1)(b), 64(1) and 64(2)(b)Failure of a money services business to ascertain in the prescribed manner and within the prescribed period the identity of every person who conducts a transaction for the remittance or transmission of $1,000 or moreminor716.159(1)(c), 64(1) and 64(2)(b)Failure of a money services business to ascertain in the prescribed manner and within the prescribed period the identity of every person who conducts a foreign currency exchange transaction of $3,000 or moreminor726.159(2), 65(1) and 65(2)(c)Failure of a money services business to confirm in the prescribed manner and within the prescribed period the existence of, and prescribed information in respect of, every corporation in respect of which a client information record is required to be keptminor736.159(3), 66(1) and 66(2)(c)Failure of a money services business to confirm in the prescribed manner and within the prescribed period the existence of every entity, other than a corporation, in respect of which a client information record is required to be keptminor73.19.3(1)59(5)(a) and 67.2(3)Failure of a money services business to take reasonable measures within the prescribed period to determine whether a person who initiates an electronic funds transfer of $100,000 or more is a politically exposed foreign personminor73.119.3(1)59(5)(b) and 67.2(3)Failure of a money services business to take reasonable measures within the prescribed period to determine whether a person who is the beneficiary of an electronic funds transfer of $100,000 or more is a politically exposed foreign personminor73.126.159.1(a), 64(1) and 64(2)(e)Failure of an accountant or accounting firm to ascertain in the prescribed manner and within the prescribed period the identity of every person who conducts a prescribed transactionminor73.136.159.1(b), 65(1) and 65(2)(e)Failure of an accountant or accounting firm to confirm in the prescribed manner and within the prescribed period the existence of, and prescribed information in respect of, every corporation on whose behalf a prescribed transaction is conductedminor73.146.159.1(c), 66(1) and 66(2)(e)Failure of an accountant or accounting firm to confirm in the prescribed manner and within the prescribed period the existence of every entity, other than a corporation, on whose behalf a prescribed transaction is conductedminor73.156.159.2(1)(a), 64(1) and 64(2)(e)Failure of a real estate broker or sales representative to ascertain in the prescribed manner and within the prescribed period the identity of every person who conducts a prescribed transactionminor73.166.159.2(1)(b), 65(1) and 65(2)(e)Failure of a real estate broker or sales representative to confirm in the prescribed manner and within the prescribed period the existence of, and prescribed information in respect of, every corporation on whose behalf a prescribed transaction is conductedminor73.176.159.2(1)(c), 66(1) and 66(2)(e)Failure of a real estate broker or sales representative to confirm in the prescribed manner and within the prescribed period the existence of every entity, other than a corporation, on whose behalf a prescribed transaction is conductedminor73.186.159.2(3)Failure of a real estate broker or sales representative that represents a party to a prescribed transaction to ascertain the identity or confirm the existence of parties that are not represented by a real estate broker or sales representativeminor73.196.159.3(a), 64(1) and 64(2)(b)Failure of a British Columbia notary public or notary corporation to ascertain in the prescribed manner and within the prescribed period the identity of every person who conducts a prescribed transactionminor73.26.159.3(b), 65(1) and 65(2)(e)Failure of a British Columbia notary public or notary corporation to confirm in the prescribed manner and within the prescribed period the existence of, and prescribed information in respect of, every corporation on whose behalf a prescribed transaction is conductedminor73.216.159.3(c), 66(1) and 66(2)(e)Failure of a British Columbia notary public or notary corporation to confirm in the prescribed manner and within the prescribed period the existence of every entity, other than a corporation, on whose behalf a prescribed transaction is conductedminor73.226.159.4(1)(a), 64(1) and 64(2)(b)Failure of a legal counsel or a legal firm to ascertain in the prescribed manner and within the prescribed period the identity of every person who conducts a prescribed transactionminor73.236.159.4(1)(b), 65(1) and 65(2)(e)Failure of a legal counsel or a legal firm to confirm in the prescribed manner and within the prescribed period the existence of, and prescribed information in respect of, every corporation on whose behalf a prescribed transaction is conductedminor73.246.159.4(1)(c), 66(1) and 66(2)(e)Failure of a legal counsel or a legal firm to confirm in the prescribed manner and within the prescribed period the existence of every entity, other than a corporation, on whose behalf a prescribed transaction is conductedminor73.256.159.5(a), 64(1) and 64(2)(b)Failure of a real estate developer to ascertain in the prescribed manner and within the prescribed period the identity of a person who conducts a prescribed transactionminor73.266.159.5(b), 65(1) and 65(2)(e)Failure of a real estate developer to confirm in the prescribed manner and within the prescribed period the existence of, and the prescribed information in respect of, corporations on whose behalf a prescribed transaction is conductedminor73.276.159.5(c), 66(1) and 66(2)(e)Failure of a real estate developer to confirm in the prescribed manner and within the prescribed period the existence of every entity, other than a corporation, on whose behalf a prescribed transaction is conductedminor746.160(a), 64(1) and 64(2)(e.1)Failure of a casino to ascertain in the prescribed manner and within the prescribed period the identity of every person for whom a signature card is created in respect of an account that the casino opensminor756.160(b)(i), 64(1) and 64(2)(b)Failure of a casino to confirm in the prescribed manner and within the prescribed time the identity of every person who receives a prescribed amount from the casinominor766.160(b)(ii), 64(1) and 64(2)(b)Failure of a casino to ascertain in the prescribed manner and within the prescribed period the identity of every person who conducts a transaction of $3,000 or more with the casino for which an extension of credit record is requiredminor776.160(b)(iii), 64(1) and 64(2)(b)Failure of a casino to ascertain in the prescribed manner and within the prescribed period the identity of every person who conducts a foreign currency exchange transaction of $3,000 or more with the casino for which a transaction ticket is required to be keptminor786.160(b)(iv), 64(1) and 64(2)(b)Failure of a casino to ascertain in the prescribed manner and within the prescribed period the identity of every person who requests that an amount of $1,000 or more be remitted or transmittedminor796.160(e), 65(1) and 65(2)(a)Failure of a casino to confirm in the prescribed manner and within the prescribed period the existence of, and prescribed information in respect of, every corporation for which the casino opens an accountminor806.160(f), 66(1) and 66(2)(a)Failure of a casino to confirm in the prescribed manner and within the prescribed period the existence of every entity, other than a corporation, for which the casino opens an accountminor816.161(a), 64(1) and 64(2)(d)Failure of a department or agent or mandatary of Her Majesty in right of Canada or of a province to ascertain in the prescribed manner and within the prescribed period the identity of every person in respect of whom a client information record is required to be keptminor826.161(b), 64(1) and 64(2)(b)Failure of a department or agent or mandatary of Her Majesty in right of Canada or of a province to ascertain in the prescribed manner and within the prescribed period the identity of every person in respect of whom no client information record is required to be kept and who conducts a transaction that involves an amount of $3,000 or more for the issuance or redemption of money orders or other similar negotiable instrumentsminor836.161(c), 65(1) and 65(2)(c)Failure of a department or agent or mandatary of Her Majesty in right of Canada or of a province to confirm in the prescribed manner and within the prescribed period the existence of, and prescribed information in respect of, every corporation in respect of which a client information record is keptminor846.161(d), 66(1) and 66(2)(c)Failure of a department or agent or mandatary of Her Majesty in right of Canada or of a province to confirm in the prescribed manner and within the prescribed period the existence of every entity, other than a corporation, in respect of which a client information record is keptminor84.1664.1(3)Failure to have entered into a written agreement or arrangement with an agent or mandatary, to obtain from them the information that the agent or mandatary referred to in order to ascertain a person’s identity and the information that the agent or mandatary verified as being that of the person and to be satisfied that the information is valid and current and that the person’s identity was ascertained in the prescribed mannerminor84.2664.2Failure of a person or entity that is required to ascertain a person’s identity to keep prescribed informationminor85665(3)Failure of a person or entity who ascertains information in respect of a corporation by referring to an electronic version of a record to keep a prescribed recordminor86665(4)Failure of a person or entity who ascertains information in respect of a corporation by referring to a paper copy of a record to retain the record or a copy of itminor87666(3)Failure of a person or entity who ascertains information in respect of an entity by referring to an electronic version of a record to keep a prescribed recordminor88666(4)Failure of a person or entity who ascertains information in respect of an entity by referring to a paper copy of a record to retain the record or a copy of itminor88.19.5(a)66.1(1) and (2)Failure of a prescribed person or entity to include prescribed information in prescribed electronic funds transfersminor88.29.5(b)66.1(1) and (2)Failure of a prescribed person or entity to take reasonable measures to ensure that any transfer that the person or entity receives includes prescribed informationminor89[Repealed, SOR/2016-153, s. 118]89.19.3(2)67.1(1)(a)Failure of a prescribed financial entity or securities dealer to take reasonable measures to establish the source of funds that have been, will be or are expected to be depositedminor89.29.3(2)67.1(1)(b)Failure of a prescribed financial entity or securities dealer to obtain the approval of senior management to keep an account openminor89.39.3(2)67.1(1)(c)Failure of a prescribed financial entity or securities dealer to conduct enhanced ongoing monitoring in respect of an accountminor89.49.3(2)67.2(1)Failure of a financial entity, life insurance company, life insurance broker or agent or money services business to take reasonable measures to establish the source of funds for a prescribed transactionminor89.59.3(2)67.2(2) and (3)Failure of a member of senior management of a financial entity, life insurance company, life insurance broker or agent or money services business to review a prescribed transaction within the prescribed periodminor90669(1)Failure of a person or entity that is required to obtain, keep or create records to retain those records for a period of at least five yearsminor91670Failure to retain records in such a way that they can be provided to an authorized person within 30 days after their requestminor929.6(1)71(1)(a)Failure of a person or entity to appoint a person to be responsible for the implementation of a compliance programserious939.6(1)71(1)(b)Failure of a person or entity to develop and apply written compliance policies and procedures that are kept up to date and, in the case of an entity, are approved by a senior officerserious949.6(1)71(1)(c)Failure of a person or entity to assess and document the risk referred to in subsection 9.6(2) of the Act, taking into consideration prescribed factorsserious959.6(1)71(1)(d)Failure of a person or entity that has employees, agents or mandataries or other persons authorized to act on their behalf to develop and maintain a written ongoing compliance training program for those employees, agents or mandataries or personsserious969.6(1)71(1)(e)Failure of a person or entity to institute and document the prescribed reviewserious979.6(1)71(2)Failure of a person or entity to report prescribed information within 30 days after assessmentserious989.6(3)71.1Failure of a person or entity to take the prescribed special measuresseriousPART 3Proceeds of Crime (Money Laundering) and Terrorist Financing Act and Proceeds of Crime (Money Laundering) and Terrorist Financing Suspicious Transaction Reporting RegulationsColumn 1Column 2Column 3Column 4ItemProvision of Proceeds of Crime (Money Laundering) and Terrorist Financing ActProvision of Proceeds of Crime (Money Laundering) and Terrorist Financing Suspicious Transaction Reporting RegulationsShort-form DescriptionClassification of Violation179(1)Failure of a person or entity to include prescribed information in a reportvery serious279(2)Failure of a person or entity to send a report within the prescribed periodserious37.110Failure of a person or entity to send a report containing the prescribed information without delayvery serious4712(1)Failure to send report electronically, if the sender has the technical capabilities, in accordance with the guidelines prepared by the Centreserious5712(2)Failure to send report in paper format, if the sender does not have the technical capabilities to send electronically, in accordance with the guidelines prepared by the Centreserious6712(3)Failure to submit a report in paper format in accordance with the guidelines prepared by the Centreserious7612.1Failure of a person or entity to keep a copy of a report submitted to the Centreminor8612.3(1)Failure of a person or entity to keep a copy of a prescribed report for the prescribed periodminorPART 4Proceeds of Crime (Money Laundering) and Terrorist Financing Act and Proceeds of Crime (Money Laundering) and Terrorist Financing Registration RegulationsColumn 1Column 2Column 3Column 4ItemProvision of Proceeds of Crime (Money Laundering) and Terrorist Financing ActProvision of Proceeds of Crime (Money Laundering) and Terrorist Financing Registration RegulationsShort-form DescriptionClassification of Violation111.12(1)4(a) and 5Failure of an applicant or a registered person or entity to submit an application for registration in the prescribed manner and with the prescribed informationserious211.134(b) and 5Failure of an applicant or a registered person or entity to submit a notification of a change to the information provided in a prescribed application in the prescribed manner and with the prescribed informationserious311.134(c) and 5Failure of an applicant or a registered person or entity to submit a notification of newly obtained information in the prescribed manner and with the prescribed informationserious411.14(1)4(d) and 5Failure of an applicant to submit a requested clarification within the prescribed time, in the prescribed manner and with the prescribed informationserious511.17(1)4(d) and 5Failure of a registered person or entity to submit a requested clarification within the prescribed period, in the prescribed manner and with the prescribed informationserious611.194(e), 5 and 6.1Failure of a registered person or entity to submit an application to renew their registration within the prescribed period, in the prescribed manner and with the prescribed informationserious711.24(f) and 6Failure of a registered person or entity that ceases an activity for which they are registered to submit notification of the cessation within the prescribed period, in the prescribed manner and with the prescribed informationseriousSOR/2008-194, ss. 5 to 27; SOR/2016-153, ss. 100, 101(E), 102, 103(E), 104 to 107, 110, 112(E), 116 to 118, 120 to 122(E), 123(F).Previous Version
Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties Regulations1 - Interpretation
SCHEDULE AMENDMENTS NOT IN FORCE
— SOR/2016-153, s. 108108 The portion of items 56.4 to 56.7 of Part 2 of the schedule to the Regulations in columns 2 and 3 is replaced by the following:ItemColumn 2Column 3Provision of Proceeds of Crime (Money Laundering) and Terrorist Financing RegulationsShort-form Description56.454.2(1)(a) and 67.1(3)Failure of a financial entity to take reasonable measures within the prescribed period to determine whether a person for whom it opens an account is a politically exposed foreign person, a politically exposed domestic person, a head of an international organization, a family member of one of those persons or a person who is closely associated with a politically exposed foreign person56.554.2(1)(b) and 67.2(5)Failure of a financial entity to take reasonable measures within the prescribed period to determine whether a person who requests that an electronic funds transfer of $100,000 or more be initiated or on whose behalf the request is made is a politically exposed foreign person, a politically exposed domestic person, a head of an international organization or a family member of, or person who is closely associated with, one of those persons56.654.2(1)(c) and 67.2(5)Failure of a financial entity to take reasonable measures within the prescribed period to determine whether the beneficiary of an electronic funds transfer of $100,000 or more is a politically exposed foreign person, a politically exposed domestic person, a head of an international organization or a family member of, or person who is closely associated with, one of those persons56.754.2(2)Failure of a financial entity to take reasonable measures on a periodic basis to determine whether an account holder is a politically exposed foreign person, a politically exposed domestic person, a head of an international organization, a family member of one of those persons or a person who is closely associated with a politically exposed foreign person
— SOR/2016-153, s. 109109 Part 2 of the schedule to the Regulations is amended by adding the following after item 56.7:ItemColumn 1Column 2Column 3Column 4Provision of Proceeds of Crime (Money Laundering) and Terrorist Financing ActProvision of Proceeds of Crime (Money Laundering) and Terrorist Financing RegulationsShort-form DescriptionClassification of Violation56.71654.2(3) and 67.1(3)Failure of a financial entity that detects a fact that constitutes reasonable grounds to suspect that an account holder is a politically exposed foreign person, a politically exposed domestic person, a head of an international organization or a family member of, or person who is closely associated with, one of those persons to take reasonable measures within the prescribed period to determine whether they are such a personminor
— SOR/2016-153, s. 111111 The portion of item 65.1 of Part 2 of the schedule to the Regulations in columns 2 and 3 is replaced by the following:ItemColumn 2Column 3Provision of Proceeds of Crime (Money Laundering) and Terrorist Financing RegulationsShort-form Description65.156.1 and 67.2(5)Failure of a life insurance company or life insurance broker or agent to take reasonable measures within the prescribed period to determine whether a person who makes a lump-sum payment of $100,000 or more in respect of an immediate or deferred annuity or life insurance policy on their own behalf or on behalf of a third party is a politically exposed foreign person, a politically exposed domestic person, a head of an international organization or a family member of, or person who is closely associated with, one of those persons
— SOR/2016-153, s. 113113 The portion of items 68.1 and 68.2 of Part 2 of the schedule to the Regulations in columns 2 and 3 is replaced by the following:ItemColumn 2Column 3Provision of Proceeds of Crime (Money Laundering) and Terrorist Financing RegulationsShort-form Description68.157.1(1) and 67.1(3)Failure of a securities dealer to take reasonable measures within the prescribed period to determine whether a person for whom they open an account is a politically exposed foreign person, a politically exposed domestic person, a head of an international organization, a family member of one of those persons or a person who is closely associated with a politically exposed foreign person68.257.1(2)Failure of a securities dealer to take reasonable measures on a periodic basis to determine whether an account holder is a politically exposed foreign person, a politically exposed domestic person, a head of an international organization, a family member of one of those persons or a person who is closely associated with a politically exposed foreign person
— SOR/2016-153, s. 114114 Part 2 of the schedule to the Regulations is amended by adding the following after item 68.2:ItemColumn 1Column 2Column 3Column 4Provision of Proceeds of Crime (Money Laundering) and Terrorist Financing ActProvision of Proceeds of Crime (Money Laundering) and Terrorist Financing RegulationsShort-form DescriptionClassification of Violation68.39.3(1)57.1(3) and 67.1(3)Failure of a securities dealer that detects a fact that constitutes reasonable grounds to suspect that an account holder is a politically exposed foreign person, a politically exposed domestic person, a head of an international organization or a family member of, or person who is closely associated with, one of those persons to take reasonable measures within the prescribed period to determine whether they are such a personminor
— SOR/2016-153, s. 115115 The portion of items 73.1 and 73.11 of Part 2 of the schedule to the Regulations in columns 2 and 3 is replaced by the following:ItemColumn 2Column 3Provision of Proceeds of Crime (Money Laundering) and Terrorist Financing RegulationsShort-form Description73.159(5)(a) and 67.2(5)Failure of a money services business to take reasonable measures within the prescribed period to determine whether a person who requests that an electronic funds transfer of $100,000 or more be initiated or on whose behalf the request is made is a politically exposed foreign person, a politically exposed domestic person, a head of an international organization or a family member of, or person who is closely associated with, one of those persons73.1159(5)(b) and 67.2(5)Failure of a money services business to take reasonable measures within the prescribed period to determine whether the beneficiary of an electronic funds transfer of $100,000 or more is a politically exposed foreign person, a politically exposed domestic person, a head of an international organization or a family member of, or person who is closely associated with, one of those persons
— SOR/2016-153, s. 119119 Items 89.1 to 89.5 of Part 2 of the schedule to the Regulations are replaced by the following:ItemColumn 1Column 2Column 3Column 4Provision of Proceeds of Crime (Money Laundering) and Terrorist Financing ActProvision of Proceeds of Crime (Money Laundering) and Terrorist Financing RegulationsShort-form DescriptionClassification of Violation89.19.3(2)67.1(1)(a), (2) and (3)Failure of a financial entity or securities dealer to take reasonable measures within the prescribed period to establish the source of funds that have been, will be or are expected to be deposited in an accountminor89.29.3(2)67.1(1)(b), (2) and (3)Failure of a financial entity or securities dealer to obtain within the prescribed period the approval of senior management to keep an account openminor89.39.3(2)67.1(1)(c) and (2)Failure of a financial entity or securities dealer to conduct enhanced ongoing monitoring of the activities in respect of an accountminor89.49.3(2)67.2(1)(a), (2) and (5)Failure of a financial entity, life insurance company, life insurance broker or agent or money services business to take reasonable measures within the prescribed period to establish the source of funds used for a prescribed transactionminor89.59.3(2)67.2(1)(b), (2), (3), (4) and (5)Failure of a financial entity, life insurance company, life insurance broker or agent or money services business to ensure that a member of senior management reviews a prescribed transaction within the prescribed periodminor89.69.3(2)67.3Failure to keep a record of reasonable measures taken, the date of each measure and the reasons why the measures were unsuccessfulminor