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

18. Subject to section 20.2 and subsection 52(2), every life insurance company or life insurance broker or agent shall 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 transaction, unless

• (a) the cash is received from a financial entity or a public body; or

• (b) the transaction is a transaction referred to in subsection 62(2).

• 19. (1) Subject to section 20.2 and subsection 62(2), every life insurance company or life insurance broker or agent shall keep a client information record for every purchase from the company, broker or agent of an immediate or deferred annuity or a life insurance policy for which the client may pay $10,000 or more over the duration of the annuity or policy, regardless of the means of payment.

• (2) Subject to section 20.2 and subsection 62(2), in the case of a life insurance policy that is a group life insurance policy or in the case of a group annuity, the client information record shall be kept in respect of the applicant for the policy or annuity.

20. Subject to section 20.2, every life insurance company or life insurance broker or agent who keeps a client information record in respect of a corporation under subsection 19(1) shall also keep a copy of the part of official corporate records that contains any provision relating to the power to bind the corporation in respect of transactions with the life insurance company or life insurance broker or agent, if the copy of that part is obtained in the normal course of business.

20.1 Subject to section 20.2 and subsection 62(2), every life insurance company or life insurance broker or agent shall keep a record of the following information when a transaction is reviewed under subsection 67.2(2):

• (a) the office or position in respect of which the person initiating the transaction is determined to be a politically exposed foreign person;

• (b) the source, if known, of the funds that are used for the transaction;

• (c) the date of the determination that the person is a politically exposed foreign person;

• (d) the name of the member of senior management who reviewed the transaction; and

• (e) the date the transaction was reviewed.

20.2 Sections 17 to 20.1 do not apply to a life insurance company or a life insurance broker or agent when they are dealing in reinsurance.

21. Subject to subsection 52(1), every securities dealer who receives from a client an amount in cash of $10,000 or more in the course of a single transaction shall report the transaction to the Centre, together with the information set out in Schedule 1, unless the amount is received from a financial entity or a public body.