Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (SOR/2002-184)

Regulations are current to 2014-09-29 and last amended on 2014-01-31. Previous Versions

Sending Reports

  •  (1) A report that is required to be made to the Centre shall be sent electronically in accordance with guidelines for report submissions that are prepared by the Centre, if the sender has the technical capabilities to do so.

  • (2) The report shall be sent in paper format, in accordance with guidelines for report submissions that are prepared by the Centre, if the sender does not have the technical capabilities to send the report electronically.

Reporting Time Limits

  •  (1) A report that is required to be made under these Regulations in respect of an electronic funds transfer shall be sent to the Centre not later than five working days after the day of the transfer.

  • (2) A report in respect of a large casino disbursement or a transaction for which a large cash transaction record must be kept and retained under these Regulations shall be sent to the Centre within 15 days after the disbursement or transaction.

  • SOR/2008-21, s. 4.

Transactions Conducted by Employees or Agents

  •  (1) Where a person who is subject to the requirements of these Regulations is an employee of a person or entity referred to in any of paragraphs 5(a) to (l) of the Act, it is the employer rather than the employee who is responsible for meeting those requirements.

  • (2) Where a person or entity who is subject to the requirements of these Regulations, other than a life insurance broker or agent, is an agent of or is authorized to act on behalf of another person or entity referred to in any of paragraphs 5(a) to (l) of the Act, it is that other person or entity rather than the agent or the authorized person or entity, as the case may be, that is responsible for meeting those requirements.

 For the purposes of these Regulations, a person acting on behalf of their employer is considered to be acting on behalf of a third party except when the person is depositing cash into the employer’s business account.

  • SOR/2007-122, s. 22.

Third Party Determination

  •  (1) Every person or entity that is required to keep a large cash transaction record under these Regulations shall take reasonable measures to determine whether the individual who in fact gives the cash in respect of which the record is kept is acting on behalf of a third party.

  • (2) Where the person or entity determines that the individual is acting on behalf of a third party, the person or entity shall keep a record that sets out

    • (a) the third party’s name, address and date of birth and the nature of the principal business or occupation of the third party, if the third party is an individual;

    • (b) if the third party is an entity, the third party’s name and address and the nature of the principal business of the third party, and, if the entity is a corporation, the entity’s incorporation number and its place of issue; and

    • (c) the nature of the relationship between the third party and the individual who gives the cash.

  • (3) Where the person or entity is not able to determine whether the individual is acting on behalf of a third party but there are reasonable grounds to suspect that the individual is doing so, the person or entity shall keep a record that

    • (a) indicates whether, according to the individual, the transaction is being conducted on behalf of a third party; and

    • (b) describes the reasonable grounds to suspect that the individual is acting on behalf of a third party.

  • SOR/2007-122, s. 76.