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

Regulations are current to 2022-11-16 and last amended on 2022-06-29. Previous Versions

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

Real Estate Developers (continued)

[
  • SOR/2016-153, s. 81(F)
]

 [Repealed, SOR/2019-240, s. 36]

 [Repealed, SOR/2019-240, s. 36]

 [Repealed, SOR/2019-240, s. 36]

 [Repealed, SOR/2019-240, s. 36]

 [Repealed, SOR/2019-240, s. 36]

 [Repealed, SOR/2019-240, s. 36]

 [Repealed, SOR/2019-240, s. 36]

 [Repealed, SOR/2019-240, s. 36]

 [Repealed, SOR/2019-240, s. 36]

 [Repealed, SOR/2019-240, s. 36]

 [Repealed, SOR/2019-240, s. 36]

 A real estate developer that receives an amount of $10,000 or more in cash in a single transaction in connection with an activity referred to in section 59 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.

 A real estate developer 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 59 shall report the transaction to the Centre, together with the information set out in Schedule 4.

 A real estate developer 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 59, 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.

 A real estate developer 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 59, 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.

 A real estate developer shall keep the following records in connection with an activity referred to in section 59:

  • (a) a receipt of funds record in respect of every amount 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;

  • (b) an information record in respect of every person or entity to which they sell a new house, new condominium unit, new commercial or industrial building or new multi-unit residential building; and

  • (c) if the receipt of funds record or information 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 real estate developer.

Dealers in Precious Metals and Precious Stones

  •  (1) A dealer in precious metals and precious stones, other than a department or an agent of Her Majesty in right of Canada or an agent or mandatary of Her Majesty in right of a province, that buys or sells precious metals, precious stones or jewellery, for an amount of $10,000 or more is engaged in an activity for the purposes of paragraph 5(i) of the Act. A department or an agent of Her Majesty in right of Canada or an agent or mandatary of Her Majesty in right of a province carries out an activity for the purposes of paragraph 5(l) of the Act when they sell precious metals to the public for an amount of $10,000 or more.

  • (2) The activities referred to in subsection (1) do not include a purchase or sale that is carried out in the course of or in connection with manufacturing a product that contains precious metals or precious stones, extracting precious metals or precious stones from a mine or polishing or cutting precious stones.

  • (3) For greater certainty, the activities referred to in subsection (1) include the sale of precious metals, precious stones or jewellery that are left on consignment with a dealer in precious metals and precious stones. Goods left with an auctioneer for sale at auction are not considered to be left on consignment.

 A dealer in precious metals and precious stones that receives an amount of $10,000 or more in cash in a single transaction in connection with an activity referred to in section 65 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.

 A dealer in precious metals and precious stones 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 65 shall report the transaction to the Centre, together with the information set out in Schedule 4.

 A dealer in precious metals and precious stones 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 65, 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.

 A dealer in precious metals and precious stones 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 65, 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.

Casinos

  •  (1) A casino shall report the following transactions and information to the Centre:

    • (a) the receipt from a person or entity of an amount of $10,000 or more in cash in a single transaction, together with the information set out in Schedule 1;

    • (b) the initiation, at the request of a person or entity, of an international electronic funds transfer of $10,000 or more in a single transaction, together with the information set out in Schedule 2;

    • (c) the final receipt of an international electronic funds transfer of $10,000 or more in a single transaction, together with the information set out in Schedule 3; and

    • (d) the receipt from a person or entity of an amount of $10,000 or more in virtual currency in a single transaction, together with the information set out in Schedule 4.

  • (2) A casino is not required to report the transaction and information under paragraph (1)(a) if 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.

 A casino shall report to the Centre the disbursement, in any of the following transactions, of $10,000 or more in a single transaction, together with the information set out in Schedule 6:

  • (a) the redemption of chips, tokens or plaques;

  • (b) a front cash withdrawal;

  • (c) a safekeeping withdrawal;

  • (d) an advance on any form of credit, including an advance by a marker or a counter cheque;

  • (e) a payment on a bet, including a slot jackpot;

  • (f) a payment to a client of funds received for credit to that client or another client;

  • (g) the cashing of a cheque or the redemption of another negotiable instrument; and

  • (h) a reimbursement to a client of travel or entertainment expenses.

  •  (1) A casino shall keep a large cash transaction record in respect of every amount of $10,000 or more in cash that the casino receives from a person or entity in a single transaction, 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.

  • (2) For greater certainty, the transactions referred to in subsection (1) include the following:

    • (a) the sale of chips, tokens or plaques;

    • (b) a front cash deposit;

    • (c) a safekeeping deposit;

    • (d) the repayment of any form of credit, including repayment by a marker or a counter cheque;

    • (e) a bet of fiat currency; and

    • (f) a sale of the casino’s cheques.

 A casino shall keep a large virtual currency transaction record in respect of every amount of $10,000 or more in virtual currency that the casino receives from a person or entity in a single transaction, 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.

  •  (1) A casino shall keep the following records in respect of every account that the casino opens:

    • (a) every signature card;

    • (b) a record of the name, address and telephone number of each account holder and of every other person who is authorized to give instructions in respect of the account, 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 official corporate records that contains any provision relating to the power to bind the corporation in respect of the transaction or account;

    • (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 the casino creates or receives in respect of the account;

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

    • (h) every debit and credit memo that the casino creates or receives in respect of the account.

  • (2) A casino shall keep the following records in respect of every transaction that is conducted with it:

    • (a) if the casino extends credit of $3,000 or more to a person or entity, a record of

      • (i) 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, and

      • (ii) the terms of the extension of credit, the date on which credit was extended and the amount of credit extended;

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

    • (c) if the casino initiates an electronic funds transfer 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);

    • (d) if the casino 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 the casino 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 sending, the type of account and the name of each account holder, and

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

      • (vi) the name, address and telephone number 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, and

      • (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;

    • (e) if the casino 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, address and telephone number 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,

      • (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, and

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

    • (f) if the casino receives an amount of $3,000 or more from a person or entity in a single transaction, a receipt of funds record in respect of that amount, unless that 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.

 
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