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

Regulations are current to 2019-06-20 and last amended on 2017-06-17. Previous Versions

Reporting of Financial Transactions and Record Keeping (continued)

Money Services Businesses (continued)

[SOR/2016-153, s. 81(F)]

 Every money services business shall keep a record of the following information when a transaction is reviewed under any of subsections 67.2(1) to (4):

  • (a) the office or position and the organization or institution in respect of which the person is determined to be a politically exposed foreign person, a politically exposed domestic person, a head of an international organization or a family member of, or person who is closely associated with, one of those persons;

  • (b) the date of the determination;

  • (c) the source, if known, of the funds used for the transaction;

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

  • (e) the date of that review.

  • SOR/2007-122, s. 38
  • SOR/2016-153, s. 29

 Every money services business that enters into an ongoing electronic funds transfer, funds remittance or foreign exchange service agreement with an entity, or a service agreement for the issuance or redemption of money orders, traveller’s cheques or other negotiable instruments, shall keep a record of the name, address, date of birth and occupation of every person who has signed the agreement on behalf of the entity, a client information record with respect to the entity and a list containing the name, address and date of birth of every employee authorized to order transactions under the agreement.

  • SOR/2007-122, s. 38
  • SOR/2016-153, s. 81(F)

British Columbia Notaries Public and Notary Corporations

  •  (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. 14

 Subject to subsection 52(1), every British Columbia notary public and every British Columbia notary corporation that, when engaging in an activity described in section 33, receives 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 cash is received from a financial entity or a public body.

  • SOR/2007-293, s. 14
  •  (1) Subject to subsections (3) and 62(2), every British Columbia notary public and every British Columbia notary corporation shall, when engaging in an activity described in section 33, keep the following records:

    • (a) a receipt of funds record in respect of every amount of $3,000 or more that they receive in the course of a single transaction, unless the amount is received from a financial entity or a public body; and

    • (b) where the receipt of funds record is in respect of a client that is a corporation, 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 British Columbia notary public or British Columbia notary corporation.

  • (2) Subject to subsection 52(2), every British Columbia notary public and every British Columbia notary corporation shall, when engaging in an activity described in section 33, keep a large cash transaction record in respect of every amount in cash of $10,000 or more that they receive in the course of a single transaction, unless the cash is received from a financial entity or a public body.

  • (3) Subsection (1) does not apply in respect of a transaction if a large cash transaction record is required by subsection (2) to be kept in respect of that same transaction.

  • SOR/2007-293, s. 14

Legal Counsel and Legal Firms

  •  (1) Subject to subsection (2), every legal counsel and every legal firm is subject to Part 1 of the Act when they engage in any of the following activities on behalf of any person or entity:

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

    • (b) giving instructions in respect of any activity referred to in paragraph (a).

  • (2) Subsection (1) does not apply in respect of legal counsel when they engage in any of the activities referred to in that subsection on behalf of their employer.

  • SOR/2007-293, s. 14

 Subject to subsection 62(2), every legal counsel and every legal firm shall, when engaging in an activity described in section 33.3, keep the following records:

  • (a) a receipt of funds record in respect of every amount of $3,000 or more that they receive in the course of a single transaction, unless the amount is received from a financial entity or a public body; and

  • (b) where the receipt of funds record is in respect of a client that is a corporation, 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 legal counsel or legal firm.

  • SOR/2007-293, s. 14

 A legal counsel or legal firm that, in connection with a transaction, receives funds 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,

  • (a) must keep and retain a record of that fact; and

  • (b) is not required to include in the receipt of funds record that is kept in respect of those funds

    • (i) the number and type of any account that is affected by the transaction, or

    • (ii) the full name of the person or entity that is the holder of that account.

  • SOR/2007-293, s. 14

Accountants and Accounting Firms

  •  (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 properties 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. 39]

  • (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/2007-122, s. 39

 Subject to subsection 52(1), every accountant and every accounting firm that, while engaging in an activity described in section 34, receives 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 cash is received from a financial entity or a public body.

  •  (1) Subject to subsection 62(2), every accountant and every accounting firm shall, when engaging in an activity described in section 34, keep the following records:

    • (a) a receipt of funds record in respect of every amount of $3,000 or more that they receive in the course of a single transaction, unless the amount is received from a financial entity or a public body; and

    • (b) where the receipt of funds record is in respect of a client that is a corporation, 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 accountant or accounting firm.

  • (2) Subject to subsection 52(2), every accountant and every accounting firm shall, when engaging in an activity described in section 34, keep a large cash transaction record in respect of every amount in cash of $10,000 or more that they receive in the course of a single transaction, unless the cash is received from a financial entity or a public body.

  • (3) Subsection (1) does not apply in respect of a transaction if a large cash transaction record is also required by subsection (2) to be kept in respect of that same transaction.

  • SOR/2007-122, s. 40
  • SOR/2007-293, s. 15
 
Date modified: