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

Regulations are current to 2021-06-28 and last amended on 2021-06-01. Previous Versions

PART 1Requirements To Report Transactions and To Keep Records (continued)

Financial Entities (continued)

[
  • SOR/2016-153, s. 19(E)
]

 A financial entity that maintains a list of clients for the purposes of subsection 9(3) of the Act shall

  • (a) include the name and address of each client in the list; and

  • (b) maintain the list in paper form, or in a machine-readable or electronic form if a paper copy can readily be produced from it.

 A financial entity shall keep a large cash transaction record in respect of every amount of $10,000 or more in cash that it receives from a person or entity in a single transaction, unless the amount is received from another financial entity or a public body or from a person who is acting on behalf of a client that is a financial entity or public body.

 A financial entity shall keep a large virtual currency transaction record in respect of every amount of $10,000 or more in virtual currency that it receives from a person or entity in a single transaction, unless the amount is received from another financial entity or a public body or from a person who is acting on behalf of a client that is a financial entity or public body.

 A financial entity shall keep the following records in respect of every account that it opens and of every transaction that is conducted with it, other than those referred to in section 13 or 14:

  • (a) every signature card;

  • (b) a record for each account holder and every other person — up to three, in the case of a business account — who is authorized to give instructions in respect of the account, containing their name and address, the nature of their principal business or their occupation and, in the case of a person, their date of birth;

  • (c) if an account holder is a corporation, a copy of the part of its official corporate records that contains any provision relating to the power to bind the corporation in respect of the account or transaction;

  • (d) a record that sets out the intended use of the account;

  • (e) a record of every application in respect of the account;

  • (f) every account operating agreement that it creates or receives in respect of the account;

  • (g) a deposit slip in respect of every deposit that is made into the account;

  • (h) every debit and credit memo that it creates or receives in respect of the account, except debit memos that relate to another account at the same branch of the financial entity that created the debit memo;

  • (i) a copy of every account statement that it sends to an account holder;

  • (j) every cleared cheque that is drawn on, and a copy of every cleared cheque that is deposited into, the account, unless

    • (i) the account on which the cheque is drawn and the account into which the cheque is deposited are at the same branch of the financial entity, or

    • (ii) the following conditions are met:

      • (A) an image of the cheque has been recorded on microfilm or on an electronic medium,

      • (B) an image of the cheque can be readily reproduced from the microfilm or electronic medium,

      • (C) it is possible to readily ascertain where the image of the cheque is recorded, and

      • (D) the microfilm or electronic medium is kept for a period of at least five years after the day on which the image of the cheque is recorded;

  • (k) in respect of every credit arrangement that it enters into with a client, a record of the client’s financial capacity, the terms of the credit arrangement, the nature of the client’s principal business or their occupation and, if the client is a person, the name and address of their business or place of work;

  • (l) a foreign currency exchange transaction ticket in respect of every foreign currency exchange transaction;

  • (m) if it receives an amount of $3,000 or more as consideration for the issuance of traveller’s cheques, money orders or similar negotiable instruments from a person or entity other than another financial entity or a person who is acting on behalf of a client that is a financial entity, a record

    • (i) of the date of the receipt,

    • (ii) of the person’s or entity’s name and address, the nature of their principal business or their occupation and, in the case of a person, their date of birth,

    • (iii) of the amount received,

    • (iv) indicating whether the amount received is in funds or virtual currency and the type and amount of each type of funds and each of the virtual currencies involved,

    • (v) of the number of every account that is affected by the transaction, the type of account and the name of each account holder,

    • (vi) of every reference number that is connected to the transaction and has a function equivalent to that of an account number, and

    • (vii) if the amount received is in virtual currency, of every transaction identifier, including the sending and receiving addresses;

  • (n) if it redeems one or more money orders that total $3,000 or more at the request of a person or entity, a record of

    • (i) the date of the redemption,

    • (ii) the person’s or entity’s name and address, the nature of their principal business or their occupation and, in the case of a person, their date of birth,

    • (iii) the total amount of the money order or orders,

    • (iv) the name of the issuer of each money order,

    • (v) the number of every account that is affected by the redemption, the type of account and the name of each account holder,

    • (vi) every reference number that is connected to the redemption and has a function equivalent to that of an account number, and

    • (vii) if the redemption involves virtual currency, every transaction identifier, including the sending and receiving addresses;

  • (o) if it initiates an international electronic funds transfer — or any other electronic funds transfer that is a SWIFT MT-103 message or its equivalent — of $1,000 or more at the request of a person or entity, a record of

    • (i) the date on which the electronic funds transfer is initiated,

    • (ii) the type and amount of each type of funds that is involved in the initiation,

    • (iii) the person’s or entity’s name, address and telephone number, the nature of their principal business or their occupation and, in the case of a person, their date of birth,

    • (iv) the exchange rates used and their source,

    • (v) the name, and address of each beneficiary,

    • (vi) the number of every account that is affected by the initiation, the type of account and the name of each account holder,

    • (vii) every reference number that is connected to the electronic funds transfer and has a function equivalent to that of an account number, and

    • (viii) the number of every account that is affected by the electronic funds transfer, other than those referred to in subparagraph (vi);

  • (p) if it sends an international electronic funds transfer of $1,000 or more that was initiated by another person or entity, a record of

    • (i) the date on which the electronic funds transfer is sent,

    • (ii) if it exchanges fiat currencies in the course of sending the electronic funds transfer, the type and amount of each fiat currency that is involved in the exchange,

    • (iii) the exchange rates used and their source,

    • (iv) the number of every account that is affected by the electronic funds transfer, the type of account and the name of each account holder,

    • (v) every reference number that is connected to the electronic funds transfer and has a function equivalent to that of an account number;

    • (vi) the name and address of the person or entity that requested the initiation of the electronic funds transfer, unless that information was not, despite the taking of reasonable measures, included with the transfer and is not otherwise known,

    • (vii) the name and address of each beneficiary, unless that information was not, despite the taking of reasonable measures, included with the transfer and is not otherwise known;

  • (q) if it is the final recipient of an international electronic funds transfer of $1,000 or more, a record of

    • (i) the date on which the electronic funds transfer is finally received,

    • (ii) the type and amount of each type of funds that is involved in the final receipt,

    • (iii) the name and address of each beneficiary, the nature of their principal business or their occupation and, in the case of a person, their date of birth,

    • (iv) the date of the remittance,

    • (v) the exchange rates used for the remittance and their source,

    • (vi) if the remittance is in funds, the type and amount of each type of funds involved in the remittance,

    • (vii) if the remittance is not in funds, the type of remittance and its value, if different from the amount of funds finally received,

    • (viii) the number of every account that is affected by the final receipt or the remittance, the type of account and the name of each account holder,

    • (ix) every reference number that is connected to the electronic funds transfer and has a function equivalent to that of an account number,

    • (x) the name and address of the person or entity that requested the initiation of the electronic funds transfer, unless that information was not, despite the taking of reasonable measures, included with the transfer and is not otherwise known,

    • (xi) the number of every account that is affected by the electronic funds transfer, other than those referred to in subparagraph (viii), and

  • (r) if it transfers an amount of $1,000 or more in virtual currency at the request of a person or entity, a record of

    • (i) the date of the transfer,

    • (ii) the type and amount of each virtual currency that is involved in the transfer,

    • (iii) the person’s or entity’s name, address, the nature of their principal business or their occupation and, in the case of a person, their date of birth,

    • (iv) the name and address of each beneficiary,

    • (v) the number of every account that is affected by the transaction, the type of account and the name of each account holder,

    • (vi) every reference number that is connected to the transaction and has a function equivalent to that of an account number,

    • (vii) every transaction identifier, including the sending and receiving addresses, and

    • (viii) the exchange rates used and their source,

  • (s) if it receives an amount of $1,000 or more in virtual currency for remittance to a beneficiary, a record of

    • (i) the date of the receipt,

    • (ii) the type and amount of each virtual currency that is received,

    • (iii) the name and address of each beneficiary, the nature of their principal business or their occupation and, in the case of a person, their date of birth,

    • (iv) the date of the remittance,

    • (v) the exchange rates used for the remittance and their source,

    • (vi) if the remittance is in virtual currency, the type and amount of each virtual currency involved in the remittance,

    • (vii) if the remittance is not in virtual currency, the type of remittance and its value, if different from the amount of virtual currency received,

    • (viii) the number of every account that is affected by the transaction, the type of account and the name of each account holder,

    • (ix) every reference number that is connected to the transaction and has a function equivalent to that of an account number,

    • (x) every transaction identifier, including the sending and receiving addresses, and

    • (xi) the name and address of the person or entity that requested the transfer unless that information was not, despite the taking of reasonable measures, included with the transfer and is not otherwise known;

  • (t) a virtual currency exchange transaction ticket in respect of every virtual currency exchange transaction.

 
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