Government of Canada / Gouvernement du Canada
Symbol of the Government of Canada

Search

Proceeds of Crime (Money Laundering) and Terrorist Financing Suspicious Transaction Reporting Regulations (SOR/2001-317)

Regulations are current to 2020-11-02 and last amended on 2020-06-01. Previous Versions

Application of Part 1 of the Act

  •  (1) Part 1 of the Act applies to financial services cooperatives.

  • (2) Every credit union central is subject to Part 1 of the Act when it offers financial services to a person or entity other than a financial entity that is a member of that credit union central.

  • SOR/2009-265, s. 2

 Part 1 of the Act applies to life insurance brokers or agents.

  • SOR/2002-185, s. 3
  •  (1) Subject to subsection (2), every British Columbia notary public and every British Columbia notary corporation is subject to Part 1 of the Act when they engage in any of the following activities on behalf of any person or entity, including the giving of instructions on behalf of any person or entity in respect of those activities:

    • (a) receiving or paying funds, other than those received or paid in respect of professional fees, disbursements, expenses or bail;

    • (b) purchasing or selling securities, real estate or business assets or entities; or

    • (c) transferring funds or securities by any means.

  • (2) Subsection (1) does not apply in respect of a British Columbia notary public when they engage in any of the activities referred to in that subsection on behalf of their employer.

  • SOR/2007-293, s. 3

 Every dealer in precious metals and stones that engages in the purchase or sale of precious metals, precious stones or jewellery in an amount of $10,000 or more in a single transaction, other than such a purchase or sale that is carried out in the course of, in connection with or for the purpose of manufacturing jewellery, extracting precious metals or precious stones from a mine or polishing or cutting precious stones, is subject to Part 1 of the Act.

  • SOR/2007-293, s. 3
  •  (1) Subject to subsections (2) and (3), every accountant and every accounting firm is subject to Part 1 of the Act when they

    • (a) engage in any of the following activities on behalf of any person or entity, namely,

      • (i) receiving or paying funds,

      • (ii) purchasing or selling securities, real property or business assets or entities, or

      • (iii) transferring funds or securities by any means; or

    • (b) give instructions on behalf of any person or entity in respect of any activity referred to in paragraph (a).

    • (c) [Repealed, SOR/2007-122, s. 4]

  • (2) Subsection (1) does not apply in respect of an accountant when they engage in any of the activities referred to in paragraph (1)(a) or (b) on behalf of their employer.

  • (3) For greater certainty, subsection (1) does not apply in respect of audit, review or compilation engagements carried out in accordance with the recommendations set out in the CICA Handbook.

  • SOR/2002-185, s. 3
  • SOR/2007-122, s. 4

 Every real estate broker or sales representative is subject to Part 1 of the Act when they act as an agent in respect of the purchase or sale of real estate.

  • SOR/2007-122, s. 5
  •  (1) Every real estate developer is subject to Part 1 of the Act when

    • (a) in the case of a person or of an entity other than a corporation, they sell to the public a new house, a new condominium unit, a new commercial or industrial building or a new multi-unit residential building; and

    • (b) in the case of an entity that is a corporation, they sell to the public a new house, a new condominium unit, a new commercial or industrial building or a new multi-unit residential building on their own behalf or on behalf of a subsidiary or affiliate.

  • (2) For the purposes of subsection (1), an entity is affiliated with another entity if one of them is wholly owned by the other, if both are wholly owned by the same entity or if their financial statements are consolidated.

  • SOR/2008-21, s. 2
  • SOR/2016-153, s. 3

 Every department and agent or mandatary of Her Majesty in right of Canada or of a province is subject to Part 1 of the Act when, in the course of providing financial services to the public, the department or agent or mandatary

  • (a) accepts deposit liabilities; or

  • (b) sells or redeems money orders.

  • SOR/2002-185, s. 4
  • SOR/2016-153, s. 4(E)
  •  (1) Subject to section 11, a report made under section 7 of the Act concerning a financial transaction or attempted financial transaction in respect of which there are reasonable grounds to suspect that the transaction or attempted transaction is related to the commission of a money laundering offence or terrorist activity financing offence shall contain the information set out in Schedule 1.

  • (2) The person or entity shall send the report to the Centre as soon as practicable after they have taken measures that enable them to establish that there are reasonable grounds to suspect that the transaction or attempted transaction is related to the commission of a money laundering offence or a terrorist activity financing offence.

  • SOR/2002-185, s. 4
  • SOR/2007-122, s. 6
  • SOR/2016-153, s. 5
  • SOR/2019-240, s. 3

Report Made 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

[SOR/2007-122, s. 7]

 Subject to section 11, a report made under section 7.1 of the Act shall be sent without delay to the Centre and shall contain the information set out in Schedule 2.

  • SOR/2002-185, s. 4

Exemption

  •  (1) Where a transaction is required to be reported under section 7 or 7.1 of the Act, the requirement to report information set out in Schedule 1 or 2 does not apply to a person or entity in respect of information set out in an item of that Schedule that is not marked with an asterisk if, after taking reasonable measures to do so, the person or entity is unable to obtain the information.

  • (2) Despite subsection (1), in the case of an attempted transaction, the requirement to report information set out in Schedule 1 does not apply to a person or entity in respect of information set out in an item of that Schedule that is marked with an asterisk if, after taking reasonable measures to do so, the person or entity is unable to obtain the information.

  • SOR/2002-185, s. 4
  • SOR/2007-122, s. 8

Sending

  •  (1) The report referred to in section 9 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 referred to in section 9 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.

  • (3) The report referred to in section 10 shall be sent in paper format in accordance with guidelines for report submissions that are prepared by the Centre.

  • SOR/2002-185, s. 4

Suspicious Transaction or Attempted Transaction Report

 Every person or entity who submits to the Centre a Suspicious Transaction or Attempted Transaction Report set out in Schedule 1 shall keep a copy of the report.

  • SOR/2007-122, s. 9

 The copy referred to in section 12.1 may be kept in a machine-readable form or in an electronic form, if a paper copy can be readily produced from it.

  • SOR/2007-293, s. 4
  •  (1) Subject to subsection (2), every person or entity that is required by section 12.1 to keep a copy of the report referred to in that section shall retain that copy for a period of at least five years following the day on which the report was made.

  • (2) Where the copy that is required by section 12.1 to be kept by a person is the property of their employer or a person or entity with which they are in a contractual relationship, they are not required to retain the copy after their employment or that contractual relationship ends.

  • SOR/2007-293, s. 4

Prescribed Information

 The information that is prescribed as designated information for the purposes of paragraphs 55(7)(f), 55.1(3)(f) and 56.1(5)(f) of the Act is

  • (a) the following information concerning the person or entity that is involved in the transaction, attempted transaction, importation or exportation or a person or entity acting on their behalf:

    • (i) their address, telephone number and email address,

    • (ii) in the case of a person, their alias, date of birth and citizenship,

    • (iii) in the case of a person, the number of an identification document issued to them by the federal government or a provincial government or by a foreign government that is not a municipal government, other than a document that contains their social insurance number, the issuing authority and, if available, the jurisdiction and country of issue and expiry date of the identification document,

    • (iii.1) [Repealed, SOR/2019-240, s. 6]

    • (iv) in the case of an entity that is involved in the transaction, attempted transaction, importation or exportation, the date of its registration or incorporation, its registration or incorporation number and the jurisdiction and country of issue of that number,

    • (v) [Repealed, SOR/2019-240, s. 6]

    • (vi) [Repealed, SOR/2019-240, s. 6]

    • (vii) the name and address of any person or entity on whose behalf the financial transaction or attempted financial transaction is conducted or on whose behalf the importation or exportation is carried out, and

    • (viii) the telephone number of the place of business where the financial transaction or attempted financial transaction occurred;

    • (ix) [Repealed, SOR/2019-240, s. 6]

  • (b) in the case of a financial transaction or an attempted financial transaction, the following information, namely,

    • (i) the transit and account numbers,

    • (ii) the full name of every account holder,

    • (iii) the transaction number, if any,

    • (iv) the time of the transaction,

    • (v) the type of transaction,

    • (vi) the names of the parties to the transaction,

    • (vii) the type of account,

    • (viii) the name and address of all persons authorized to act in respect of the account, if any, and

    • (ix) the type of report, as listed in paragraph 54(a) of the Act, from which the information disclosed is compiled; and

  • (c) in the case of an importation or exportation of currency or monetary instruments, the country from which they are being imported or the country to which they are being exported.

  • SOR/2002-185, s. 4
  • SOR/2003-358, s. 3
  • SOR/2007-122, s. 10
  • SOR/2008-195, s. 1
  • SOR/2016-153, s. 6
  • SOR/2019-240, s. 6
 
Date modified: