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

36.1 A money services business, in connection with crowdfunding platform services that they provide, and a foreign money services business, in connection with crowdfunding platform services that they provide to persons or entities in Canada, shall

• (a) keep an information record in respect of the person or entity to which they provide those services;

• (b) keep a record of the purpose for which the funds or virtual currency are being raised; and

• (c) if the person or entity for which the funds or virtual currency are being raised is different from the person or entity referred to in paragraph (a),

  • (i) keep a record of their name, and

  • (ii) take reasonable measures to obtain their address, the nature of their principal business or their occupation and, in the case of a person, their date of birth, and keep a record of the information obtained.

37 A money services business that enters into an agreement with an entity to provide a service referred to in any of subparagraphs 5(h)(i) to (v) of the Act to that entity — and a foreign money services business that enters into an agreement with an entity in Canada to provide a service referred to in any of subparagraphs 5(h.1)(i) to (v) of the Act to that entity — shall keep

• (a) a record of the name, address and date of birth of every person who signs the agreement on behalf of the entity and the nature of the person’s principal business or their occupation;

• (b) an information record in respect of the entity;

• (c) if the entity 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 transactions with the money services business or foreign money services business; and

• (d) a list containing the name, address and date of birth of every employee of the entity who is authorized to order a transaction under the agreement.

British Columbia Notaries Public and British Columbia Notary Corporations

• 38 (1) A British Columbia notary public or British Columbia notary corporation is engaged in a business or profession for the purposes of paragraph 5(j) of the Act when, on behalf of a person or entity, they

  • (a) receive or pay funds or virtual currency, other than in respect of professional fees, disbursements, expenses or bail;

  • (b) purchase or sell securities, real property or immovables or business assets or entities;

  • (c) transfer funds, virtual currency or securities by any means; or

  • (d) give instructions in connection with an activity referred to in any of paragraphs (a) to (c).

• (2) Subsection (1) does not apply to a British Columbia notary public who is acting in the capacity of an employee.

39 A British Columbia notary public or British Columbia notary corporation that receives an amount of $10,000 or more in cash in a single transaction in connection with an activity referred to in section 38 shall report the transaction to the Centre, together with the information set out in Schedule 1, unless the amount is received from a financial entity or public body or from a person who is acting on behalf of a client that is a financial entity or public body.

40 A British Columbia notary public or British Columbia notary corporation that receives an amount of $10,000 or more in virtual currency in a single transaction in connection with an activity referred to in section 38 shall report the transaction to the Centre, together with the information set out in Schedule 4.

41 A British Columbia notary public or British Columbia notary corporation shall keep a large cash transaction record in respect of every amount of $10,000 or more in cash that they receive in a single transaction in connection with an activity referred to in section 38, unless the amount is received from a financial entity or public body or from a person who is acting on behalf of a client that is a financial entity or public body.

42 A British Columbia notary public or British Columbia notary corporation shall keep a large virtual currency transaction record in respect of every amount of $10,000 or more in virtual currency that they receive in a single transaction in connection with an activity referred to in section 38, unless the amount is received from a financial entity or public body or from a person who is acting on behalf of a client that is a financial entity or public body.

43 A British Columbia notary public or British Columbia notary corporation shall keep the following records in connection with an activity referred to in section 38:

• (a) a receipt of funds record in respect of every amount of $3,000 or more that they receive, unless the amount is received from a financial entity or public body or from a person who is acting on behalf of a client that is a financial entity or public body; and

• (b) if the receipt of funds record is in respect of 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.

Legal Counsel and Legal Firms

• 44 (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.

45 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.

46 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.

Accountants and Accounting Firms

• 47 (1) An accountant or accounting firm is engaged in a business or profession for the purposes of paragraph 5(j) of the Act when, on behalf of a person or entity, they

  • (a) receive or pay funds or virtual currency;

  • (b) purchase or sell securities, real property or immovables or business assets or entities;

  • (c) transfer funds, virtual currency or securities by any means; or

  • (d) give instructions in connection with an activity referred to in any of paragraphs (a) to (c).

• (2) For greater certainty, the activities in subsection (1) do not include activities that are carried out in the course of an audit, a review or a compilation engagement within the meaning of the CPA Canada Handbook prepared and published by the Chartered Professional Accountants of Canada, as amended from time to time.

• (3) Subsection (1) does not apply to an accountant who is acting in the capacity of an employee or of a person who either is authorized by law to carry on the business of — or to monitor the business or financial affairs of — an insolvent or bankrupt person or entity or is authorized to act under a security agreement.

48 An accountant or accounting firm that receives an amount of $10,000 or more in cash in a single transaction in connection with an activity referred to in section 47 shall report the transaction to the Centre, together with the information set out in Schedule 1, unless the amount is received from a financial entity or public body or from a person who is acting on behalf of a client that is a financial entity or public body.

49 An accountant or accounting firm that receives an amount of $10,000 or more in virtual currency in a single transaction in connection with an activity referred to in section 47 shall report the transaction to the Centre, together with the information set out in Schedule 4.

50 An accountant or accounting firm shall keep a large cash transaction record in respect of every amount of $10,000 or more in cash that they receive in a single transaction in connection with an activity referred to in section 47, unless the amount is received from a financial entity or public body or from a person who is acting on behalf of a client that is a financial entity or public body.

51 An accountant or accounting firm shall keep a large virtual currency transaction record in respect of every amount of $10,000 or more in virtual currency that they receive in a single transaction in connection with an activity referred to in section 47, unless the amount is received from a financial entity or public body or from a person who is acting on behalf of a client that is a financial entity or public body.

52 An accountant or accounting firm shall keep the following records in connection with an activity referred to in section 47:

• (a) a receipt of funds record in respect of every amount of $3,000 or more that they receive, unless the amount is received from a financial entity or public body or from a person who is acting on behalf of a client that is a financial entity or public body; and

• (b) if the receipt of funds record is in respect of 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.

52.1 [Repealed, SOR/2019-240, s. 36]

Real Estate Brokers or Sales Representatives

53 A real estate broker or sales representative is engaged in a business or profession for the purposes of paragraph 5(j) of the Act when they act as an agent or mandatary for a purchaser or vendor in respect of the purchase or sale of real property or immovables.

53.1 [Repealed, SOR/2019-240, s. 36]

53.2 [Repealed, SOR/2019-240, s. 36]

54 A real estate broker or sales representative that receives an amount of $10,000 or more in cash in a single transaction in connection with an activity referred to in section 53 shall report the transaction to the Centre, together with the information set out in Schedule 1, unless the amount is received from a financial entity or public body or from a person who is acting on behalf of a client that is a financial entity or public body.

54.1 [Repealed, SOR/2019-240, s. 36]

54.2 [Repealed, SOR/2019-240, s. 36]

54.3 [Repealed, SOR/2019-240, s. 36]

54.4 [Repealed, SOR/2019-240, s. 36]

55 A real estate broker or sales representative that receives an amount of $10,000 or more in virtual currency in a single transaction in connection with an activity referred to in section 53 shall report the transaction to the Centre, together with the information set out in Schedule 4.

55.1 [Repealed, SOR/2019-240, s. 36]

55.2 [Repealed, SOR/2019-240, s. 36]

56 A real estate broker or sales representative shall keep a large cash transaction record in respect of every amount of $10,000 or more in cash that they receive in a single transaction in connection with an activity referred to in section 53, unless the amount is received from a financial entity or public body or from a person who is acting on behalf of a client that is a financial entity or public body.