Proceeds of Crime (Money Laundering) and Terrorist Financing Act (S.C. 2000, c. 17)

Act current to 2014-06-12 and last amended on 2013-12-12. Previous Versions

Record Keeping and Verifying Identity

Marginal note:Record keeping

 Every person or entity referred to in section 5 shall keep and retain prescribed records in accordance with the regulations.

  • 2000, c. 17, s. 6;
  • 2006, c. 12, s. 4.
Marginal note:Verifying identity

 Every person or entity referred to in section 5 shall verify, in the prescribed circumstances and in accordance with the regulations, the identity of any person or entity.

  • 2006, c. 12, s. 4.

Reporting and Other Requirements

Marginal note:Transactions if reasonable grounds to suspect

 Subject to section 10.1, every person or entity referred to in section 5 shall report to the Centre, in the prescribed form and manner, every financial transaction that occurs or that is attempted in the course of their activities and in respect of which there are reasonable grounds to suspect that

  • (a) the transaction is related to the commission or the attempted commission of a money laundering offence; or

  • (b) the transaction is related to the commission or the attempted commission of a terrorist activity financing offence.

  • 2000, c. 17, s. 7;
  • 2001, c. 41, s. 52;
  • 2006, c. 12, s. 5.
Marginal note:Disclosure
  •  (1) Every person or entity referred to in section 5 that is required to make a disclosure under section 83.1 of the Criminal Code or under section 8 of the Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism shall also make a report on it to the Centre, in the prescribed form and manner.

  • Marginal note:Limitation

    (2) Subsection (1) does not apply to prescribed persons or entities, or prescribed classes of persons or entities, in respect of prescribed transactions or property, or classes of transactions or property, if the prescribed conditions are met.

  • 2001, c. 41, s. 52;
  • 2006, c. 12, s. 6.
Marginal note:No disclosure of reports

 No person or entity shall disclose that they have made a report under section 7, or disclose the contents of such a report, with the intent to prejudice a criminal investigation, whether or not a criminal investigation has begun.

Marginal note:Prescribed financial transactions
  •  (1) Subject to section 10.1, every person or entity referred to in section 5 shall report to the Centre, in the prescribed form and manner, every prescribed financial transaction that occurs in the course of their activities.

  • Marginal note:Limitation

    (2) Subsection (1) does not apply to prescribed persons or entities, or prescribed classes of persons or entities, in respect of prescribed transactions, classes of transactions, clients or classes of clients, if the prescribed conditions are met.

  • Marginal note:List of persons

    (3) Every person or entity referred to in section 5 shall establish and maintain a list, in the prescribed form and manner, of their clients in respect of whom a report would have been required under subsection (1) were it not for subsection (2). However, a person or an entity may choose to report a client’s transactions under subsection (1) instead of maintaining the list in respect of that client.

  • 2000, c. 17, s. 9;
  • 2006, c. 12, s. 7.