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

Regulations are current to 2019-11-19 and last amended on 2019-06-25. Previous Versions

Ascertaining Identity (continued)

Accountants and Accounting Firms (continued)

 If, as a result of their ongoing monitoring of a business relationship with a person or entity under paragraph 59.11(a), the accountant or accounting firm considers that there is a high risk of a money laundering offence or terrorist activity financing offence, they shall treat the activities in respect of that person or entity as high risk for the purposes of subsection 9.6(3) of the Act and take the prescribed special measures referred to in section 71.1 of these Regulations.

  • SOR/2013-15, s. 10
  • SOR/2016-153, s. 53

Real Estate Brokers or Sales Representatives

  •  (1) Subject to subsection 62(2) and section 63, every real estate broker or sales representative shall, in respect of a transaction for which a record is required to be kept under subsection 39(1),

    • (a) in accordance with subsection 64(1), ascertain the identity of every person who conducts the transaction;

    • (b) in accordance with section 65, confirm the existence of and ascertain the name and address of every corporation on whose behalf the transaction is conducted and the names of its directors; and

    • (c) in accordance with section 66, confirm the existence of every entity, other than a corporation, on whose behalf the transaction is conducted .

  • (2) Where the persons or entities that are parties to a real estate transaction are each represented by a different real estate broker or sales representative, the real estate broker or sales representative that represents one party is not required to ascertain the identity or the name and address of any other party or confirm their existence.

  • (3) Where one or more but not all of the parties to a real estate transaction are represented by a real estate broker or sales representative, each real estate broker or sales representative that represents a party to the transaction shall take reasonable measures to ascertain the identity or confirm the existence of the parties that are not so represented.

  • (4) [Repealed, SOR/2016-153, s. 54]

  • SOR/2007-122, s. 57
  • SOR/2007-293, s. 22
  • SOR/2008-233, s. 2
  • SOR/2016-153, s. 54

 A real estate broker or sales representative that is required to ascertain a person’s identity or confirm an entity’s existence shall

  • (a) conduct ongoing monitoring of their business relationship with that person or entity; and

  • (b) keep a record of the measures taken and the information obtained under paragraph (a).

  • SOR/2013-15, s. 11
  • SOR/2016-153, s. 55

 If, as a result of their ongoing monitoring of a business relationship with a person or entity under paragraph 59.21(a), the real estate broker or sales representative considers that there is a high risk of a money laundering offence or terrorist activity financing offence, they shall treat the activities in respect of that person or entity as high risk for the purposes of subsection 9.6(3) of the Act and take the prescribed special measures referred to in section 71.1 of these Regulations.

  • SOR/2013-15, s. 11
  • SOR/2016-153, s. 56

British Columbia Notaries Public and Notary Corporations

 Subject to subsection 62(2) and section 63, every British Columbia notary public and every British Columbia notary corporation shall, in respect of a transaction for which a record is required to be kept under subsection 33.2(1),

  • (a) in accordance with subsection 64(1), ascertain the identity of every person who conducts the transaction;

  • (b) in accordance with section 65, confirm the existence of and ascertain the name and address of every corporation on whose behalf the transaction is conducted and the names of the corporation’s directors; and

  • (c) in accordance with section 66, confirm the existence of every entity, other than a corporation, on whose behalf the transaction is conducted.

  • SOR/2007-293, s. 23

 A British Columbia notary public or British Columbia notary corporation that is required to ascertain a person’s identity or confirm an entity’s existence shall

  • (a) conduct ongoing monitoring of their business relationship with that person or entity; and

  • (b) keep a record of the measures taken and the information obtained under paragraph (a).

  • SOR/2013-15, s. 12
  • SOR/2016-153, s. 57

 If, as a result of their ongoing monitoring of a business relationship with a person or entity under paragraph 59.31(a), the British Columbia notary public or British Columbia notary corporation considers that there is a high risk of a money laundering offence or terrorist activity financing offence, they shall treat the activities in respect of that person or entity as high risk for the purposes of subsection 9.6(3) of the Act and take the prescribed special measures referred to in section 71.1 of these Regulations.

  • SOR/2013-15, s. 12
  • SOR/2016-153, s. 58

Legal Counsel and Legal Firms

  •  (1) Subject to subsections (2) and 62(2) and section 63, every legal counsel and every legal firm shall, in respect of a transaction for which a record is required to be kept under section 33.4,

    • (a) in accordance with subsection 64(1), ascertain the identity of every person who conducts the transaction;

    • (b) in accordance with section 65, confirm the existence of and ascertain the name and address of every corporation on whose behalf the transaction is conducted and the names of the corporation’s directors; and

    • (c) in accordance with section 66, confirm the existence of every entity, other than a corporation, on whose behalf the transaction is conducted.

  • (2) Subsection (1) does not apply in respect of a transaction for which funds are received by a legal counsel or legal firm from the trust account of a legal firm or from the trust account of a legal counsel who is not acting on behalf of their employer.

  • SOR/2007-293, s. 23

 Any legal counsel or legal firm that is required to ascertain the identity of any person or confirm the existence of any entity in accordance with section 59.4 shall

  • (a) conduct ongoing monitoring of its business relationship with that person or entity; and

  • (b) keep a record of the measures taken and the information obtained under paragraph (a).

  • SOR/2013-15, s. 13

 If, as a result of its ongoing monitoring of a business relationship under paragraph 59.41(a), the legal counsel or legal firm considers that the risk of a money laundering offence or terrorist activity financing offence is high, it shall treat that person or entity as high risk for the purpose of subsection 9.6(3) of the Act and apply the prescribed special measures in accordance with section 71.1 of these Regulations.

  • SOR/2013-15, s. 13

Real Estate Developers

 Subject to subsection 62(2) and section 63, every real estate developer shall, in respect of a transaction for which a record is required to be kept under section 39.7,

  • (a) in accordance with subsection 64(1), ascertain the identity of every person who conducts the transaction;

  • (b) in accordance with section 65, confirm the existence of and ascertain the name and address of every corporation on whose behalf the transaction is conducted and the names of the corporation’s directors; and

  • (c) in accordance with section 66, confirm the existence of every entity, other than a corporation, on whose behalf the transaction is conducted.

  • SOR/2008-21, s. 11

 A real estate developer that is required to ascertain a person’s identity or confirm an entity’s existence shall

  • (a) conduct ongoing monitoring of their business relationship with that person or entity; and

  • (b) keep a record of the measures taken and the information obtained under paragraph (a).

  • SOR/2013-15, s. 14
  • SOR/2016-153, s. 59

 If, as a result of their ongoing monitoring of a business relationship with a person or entity under paragraph 59.51(a), the real estate developer considers that there is a high risk of a money laundering offence or terrorist activity financing offence, they shall treat the activities in respect of that person or entity as high risk for the purposes of subsection 9.6(3) of the Act and take the prescribed special measures referred to in section 71.1 of these Regulations.

  • SOR/2013-15, s. 14
  • SOR/2016-153, s. 60

Casinos

 Subject to subsections 62(1) and (2) and section 63, every casino shall

  • (a) in accordance with subsection 64(1), ascertain the identity of every person for whom a signature card is created in respect of an account that the casino opens, except in the case of a business account for which signature cards are created for more than three persons, if the casino has ascertained the identity of at least three of those persons;

  • (b) in accordance with subsection 64(1), ascertain the identity of every person who

    • (i) receives an amount from the casino for which a record is required to be kept under paragraph 43(g),

    • (ii) conducts a transaction of $3,000 or more with the casino for which an extension of credit record is required to be kept under paragraph 43(d),

    • (iii) conducts a foreign currency exchange transaction of $3,000 or more with the casino for which a transaction ticket is required to be kept under paragraph 43(e), or

    • (iv) requests that an amount of $1,000 or more be remitted or transmitted;

  • (c) and (d) [Repealed, SOR/2007-122, s. 58]

  • (e) in accordance with section 65, confirm the existence of and ascertain the name and address of every corporation for which the casino opens an account and the names of the corporation’s directors; and

  • (f) in accordance with section 66, confirm the existence of every entity, other than a corporation, for which the casino opens an account.

  • SOR/2003-358, s. 15
  • SOR/2007-122, s. 58
  • SOR/2007-293, s. 24
  • SOR/2008-21, s. 12
  • SOR/2016-153, s. 61
 
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