1.1 For the purpose of the definition “politically exposed foreign person” in subsection 9.3(3) of the Act, the prescribed family members of a politically exposed foreign person are
(a) the person’s spouse or common-law partner;
(b) a child of the person;
(c) the person’s mother or father;
(d) the mother or father of the person’s spouse or common-law partner; and
(e) a child of the person’s mother or father.
- SOR/2007-122, s. 20.
1.11 The prescribed precious metals for the purpose of paragraph 5(l) of the Act are precious metals as defined in subsection 1(2).
- SOR/2007-293, s. 7.
NON-APPLICATION OF CERTAIN PROVISIONS
1.2 Sections 11.1, 12, 13, 14, 14.1, 15.1, 53.1, 54, 54.1 and 54.2 do not apply in respect of the credit card acquiring activities of a financial entity.
- SOR/2007-122, s. 20.
2. Where a transaction is carried out by a person or entity in a foreign currency, the amount of the transaction shall, for the purposes of these Regulations, be converted into Canadian dollars based on
(a) the official conversion rate of the Bank of Canada for that currency as published in the Bank of Canada’s Daily Memorandum of Exchange Rates that is in effect at the time of the transaction; or
(b) if no official conversion rate is set out in that publication for that currency, the conversion rate that the person or entity would use for that currency in the normal course of business at the time of the transaction.
3. (1) In these Regulations, two or more cash transactions or electronic funds transfers of less than $10,000 each that are made within 24 consecutive hours and that total $10,000 or more are considered to be a single transaction of $10,000 or more if
(a) where a person is required to keep a large cash transaction record or to report an electronic funds transfer in accordance with these Regulations, the person knows that the transactions or transfers are conducted by, or on behalf of, the same person or entity; and
(b) where an entity is required to keep a large cash transaction record or to report an electronic funds transfer in accordance with these Regulations, an employee or a senior officer of the entity knows that the transactions or transfers are conducted by, or on behalf of, the same person or entity.
(2) For greater certainty, subsection (1) does not apply in respect of an electronic funds transfer sent to two or more beneficiaries where the transfer is requested by
(a) a public body or a corporation referred to in paragraph 62(2)(m); or
(b) an administrator of a pension fund that is regulated by or under an Act of Parliament or of the legislature of a province.
- SOR/2007-122, s. 21.
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