Budget Implementation Act, 2023, No. 1 (S.C. 2023, c. 26)
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Assented to 2023-06-22
PART 4Various Measures (continued)
DIVISION 3Measures Related to Money Laundering and to Digital Assets and Other Measures (continued)
SUBDIVISION A2000, c. 17; 2001, c. 41, s. 48Proceeds of Crime (Money Laundering) and Terrorist Financing Act (continued)
194 (1) Subsection 55.1(1) of the Act is amended by striking out “and” at the end of paragraph (d), by adding “and” at the end of paragraph (e) and by adding the following after paragraph (e):
(f) the Office of the Superintendent of Financial Institutions, if the Centre also has reasonable grounds to suspect that the information is relevant to the exercise of the powers or the performance of the duties and functions of the Superintendent under the Office of the Superintendent of Financial Institutions Act.
(2) Paragraph 55.1(3)(a) of the Act is replaced by the following:
(a) the name of any person or entity that is involved in the transaction, attempted transaction, importation or exportation or of any person or entity acting on their behalf;
(a.1) the date of birth, gender, country of residence and nature of the occupation or business of a person referred to in paragraph (a), any alias that they use or have used and the name and business address of their employer;
(a.2) the nature of the principal business of an entity referred to in paragraph (a), the entity’s registration or incorporation number and the jurisdiction and country of issue of that number;
(a.3) the following information in respect of a person or entity referred to in paragraph (a):
(i) their address, telephone number and electronic mail address,
(ii) any identification number assigned to them by a person or entity who made a report referred to in subsection 55(1),
(iii) the Uniform Resource Locator of their website, and
(iv) the type of document or other information used to identify or verify their identity, the jurisdiction and country of issue of the document and the number of the document or the number associated with the information;
(3) Paragraphs 55.1(3)(c) to (d.1) of the Act are replaced by the following:
(b.1) the purpose of the transaction, attempted transaction, importation or exportation;
(c) in the case of an importation or exportation, the amount and type of currency or monetary instruments;
(c.1) in the case of a transaction or attempted transaction,
(i) the amount and type of currency, monetary instruments or virtual currency involved, or
(ii) if no currency, monetary instruments or virtual currency is involved, the value of the transaction or attempted transaction or the type and value of the funds or other remittances that are the subject of the transaction or attempted transaction;
(c.2) the rate of exchange used in relation to the transaction, attempted transaction, importation or exportation;
(d) in the case of a transaction or attempted transaction,
(i) the manner in which the transaction was conducted or the attempted transaction was to be conducted,
(ii) any transaction number, account number, institution number, branch number or similar identifying number involved,
(iii) the date on which any account involved is opened or closed, as well as its status,
(iv) the posting date,
(v) any identification number assigned to a person or entity referred to in paragraph (a) as part of the transaction or attempted transaction, and
(vi) the bank identification code or business entity identifier of any person or entity referred to in paragraph (a) that is a member of the Society for Worldwide Interbank Financial Telecommunication;
(d.1) in the case of a transaction or attempted transaction involving virtual currency or an electronic funds transfer as defined in the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, transaction identifiers, including sending and receiving addresses, and any user name of a person or entity referred to in paragraph (a);
(4) Subsection 55.1(3) of the Act is amended by adding the following after paragraph (d.2):
(d.3) in the case of a transaction or attempted transaction that, in whole or in part, is conducted online, the type of device used to conduct the transaction or attempted transaction, as well as the date and time of the transaction or attempted transaction;
(d.4) in the case of a transaction, whether it was completed or not;
(d.5) in the case of an incomplete transaction or an attempted transaction, the reason it was not completed;
(5) Subsection 55.1(3) of the Act is amended by adding the following after paragraph (h):
(h.1) in the case of a transaction or attempted transaction involving an electronic funds transfer as defined in the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, any information in respect of the relationships that exist between any persons or entities connected in any way to the transaction or attempted transaction, including any person or entity that initiates or may benefit from it;
195 (1) Paragraph 56.1(5)(a) of the Act is replaced by the following:
(a) the name of any person or entity that is involved in the transaction, attempted transaction, importation or exportation or of any person or entity acting on their behalf;
(a.1) the date of birth, gender, country of residence and nature of the occupation or business of a person referred to in paragraph (a), any alias that they use or have used and the name and business address of their employer;
(a.2) the nature of the principal business of an entity referred to in paragraph (a), the entity’s registration or incorporation number and the jurisdiction and country of issue of that number;
(a.3) the following information in respect of a person or entity referred to in paragraph (a):
(i) their address, telephone number and electronic mail address,
(ii) any identification number assigned to them by a person or entity who made a report referred to in subsection 55(1),
(iii) the Uniform Resource Locator of their website, and
(iv) the type of document or other information used to identify or verify their identity, the jurisdiction and country of issue of the document and the number of the document or the number associated with the information;
(2) Paragraphs 56.1(5)(c) to (d.1) of the Act are replaced by the following:
(b.1) the purpose of the transaction, attempted transaction, importation or exportation;
(c) in the case of an importation or exportation, the amount and type of currency or monetary instruments;
(c.1) in the case of a transaction or attempted transaction,
(i) the amount and type of currency, monetary instruments or virtual currency involved, or
(ii) if no currency, monetary instruments or virtual currency is involved, the value of the transaction or attempted transaction or the type and value of the funds or other remittances that are the subject of the transaction or attempted transaction;
(c.2) the rate of exchange used in relation to the transaction, attempted transaction, importation or exportation;
(d) in the case of a transaction or attempted transaction,
(i) the manner in which the transaction was conducted or the attempted transaction was to be conducted,
(ii) any transaction number, account number, institution number, branch number or similar identifying number involved,
(iii) the date on which any account involved is opened or closed, as well as its status,
(iv) the posting date,
(v) any identification number assigned to a person or entity referred to in paragraph (a) as part of the transaction or attempted transaction, and
(vi) the bank identification code or business entity identifier of any person or entity referred to in paragraph (a) that is a member of the Society for Worldwide Interbank Financial Telecommunication;
(d.1) in the case of a transaction or attempted transaction involving virtual currency or an electronic funds transfer as defined in the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, transaction identifiers, including sending and receiving addresses, and any user name of a person or entity referred to in paragraph (a);
(3) Subsection 56.1(5) of the Act is amended by adding the following after paragraph (d.2):
(d.3) in the case of a transaction or attempted transaction that, in whole or in part, is conducted online, the type of device used to conduct the transaction or attempted transaction, as well as the date and time of the transaction or attempted transaction;
(d.4) in the case of a transaction, whether it was completed or not;
(d.5) in the case of an incomplete transaction or an attempted transaction, the reason it was not completed;
(4) Subsection 56.1(5) of the Act is amended by adding the following after paragraph (h):
(h.1) in the case of a transaction or attempted transaction involving an electronic funds transfer as defined in the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, any information in respect of the relationships that exist between any persons or entities connected in any way to the transaction or attempted transaction, including any person or entity that initiates or may benefit from it;
196 (1) Paragraph 58(1)(b) of the Act is replaced by the following:
(b) conduct research into trends and developments in the area of money laundering, the financing of terrorist activities and the financing of threats to the security of Canada and into improved ways of detecting, preventing and deterring money laundering, the financing of terrorist activities and the financing of threats to the security of Canada; and
(2) Paragraph 58(1)(c) of the Act is amended by striking out “and” at the end of subparagraph (ii.1) and by adding the following after subparagraph (ii.1):
(ii.2) the nature and extent of the financing, inside and outside Canada, of threats to the security of Canada, and
(3) Subparagraph 58(1)(c)(iii) of the English version of the Act is replaced by the following:
(iii) measures that have been or might be taken to detect, prevent and deter the money laundering — as well as the financing of terrorist activities and the financing of threats to the security of Canada — inside or outside Canada, and the effectiveness of those measures.
197 Subsection 58.1(2) of the Act is repealed.
198 The Act is amended by adding the following after section 63:
Marginal note:Means of telecommunication
63.01 (1) For the purposes of sections 62 and 63, an authorized person is considered to have entered a place when accessing it remotely by a means of telecommunication.
Marginal note:Limitation — access by means of telecommunication
(2) An authorized person who enters remotely, by a means of telecommunication, a place that is not accessible to the public shall do so with the knowledge of the owner or person in charge of the place and shall be remotely in the place for no longer than the period necessary for the purpose referred to in subsection 62(1).
199 Subsection 65(3) of the Act is repealed.
200 Subsection 73.13(1) of the English version of the Act is replaced by the following:
Marginal note:Commission of violation
73.13 (1) Every contravention that is designated under paragraph 73.1(1)(a) constitutes a violation and the person or entity that commits the violation is liable to a penalty determined in accordance with sections 73.1 and 73.11.
201 Subsection 73.15(1) of the English version of the Act is replaced by the following:
Marginal note:Payment of penalty
73.15 (1) If the person or entity pays the penalty proposed in the notice of violation, the person or entity is deemed to have committed the violation and proceedings in respect of it are ended.
202 The Act is amended by adding the following after section 77.1:
Marginal note:Threats and retaliation against employees
77.2 (1) Every person or entity that is an employer, that acts on behalf of an employer or that is in a position of authority in respect of an employee commits an offence if the person or entity takes a disciplinary measure against, demotes, terminates or otherwise adversely affects the employment of an employee, or threatens to do so,
(a) with the intent to compel the employee to abstain from fulfilling an obligation under this Act; or
(b) with the intent to retaliate against the employee because the employee has fulfilled or taken steps to fulfill any such obligation.
Marginal note:Punishment
(2) Every person or entity that commits an offence under subsection (1)
(a) is guilty of an offence punishable on summary conviction; or
(b) is guilty of an indictable offence and liable to imprisonment for a term of not more than five years.
Marginal note:Offence — structured financial transactions
77.3 (1) Every person or entity commits an offence that directly or indirectly undertakes, or attempts to undertake, a structured financial transaction.
Marginal note:Structured financial transactions
(2) For the purpose of subsection (1), a structured financial transaction is a series of financial transactions that
(a) cause a person or entity referred to in section 5 to be in receipt of cash or virtual currency or involve the initiation of an international electronic funds transfer;
(b) would, if they occurred as a single financial transaction, require a person or entity referred to in section 5 to report it to the Centre; and
(c) are undertaken with the intent that a person or entity referred to in section 5 will not report a financial transaction to the Centre.
Marginal note:Punishment
(3) Every person or entity that is guilty of an offence under subsection (1) is liable
(a) on summary conviction, to a fine or imprisonment for a term of not more than two years less a day, or to both; or
(b) on conviction on indictment, to a fine or imprisonment for a term of not more than five years, or to both.
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