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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)

Money Services Businesses and Foreign Money Services Businesses (continued)

 A money services business shall keep a large virtual currency transaction record in respect of every amount of $10,000 or more in virtual currency that they receive 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 foreign money services business shall report the following transactions and information to the Centre:

    • (a) the receipt from a person or entity in Canada 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 in Canada, of an electronic funds transfer of $10,000 or more in a single transaction, together with the information set out in Schedule 2, if the electronic funds transfer is sent or is to be sent from one country to another;

    • (c) the final receipt of an electronic funds transfer of $10,000 or more in a single transaction, together with the information set out in Schedule 3, if the electronic funds transfer was sent from one country to another and the beneficiary is in Canada;

    • (d) the initiation, at the request of a person or entity in Canada, of an international electronic funds transfer of $10,000 or more in a single transaction, together with the information set out in Schedule 2, if the foreign money services business also finally receives or is to finally receive the electronic funds transfer;

    • (e) 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, if the foreign money services business also initiated the electronic funds transfer and the beneficiary is in Canada; and

    • (f) the receipt from a person or entity in Canada 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 foreign money services business 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.

 [Repealed, SOR/2019-240, s. 28]

 [Repealed, SOR/2019-240, s. 28]

 A foreign money services business shall keep a large cash transaction record in respect of every amount of $10,000 or more in cash that they receive from a person or entity in Canada 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.

 A foreign money services business shall keep a large virtual currency transaction record in respect of every amount of $10,000 or more in virtual currency that they receive from a person or entity in Canada 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.

 A money services business shall keep the following records in connection with a service referred to in any of subparagraphs 5(h)(i) to (v) of the Act that they provide, and a foreign money services business shall keep the following records in connection with a service referred to in any of subparagraphs 5(h.1)(i) to (v) of the Act that they provide to persons or entities in Canada:

  • (a) every internal memorandum that they create or receive that concerns the service;

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

  • (c) if they redeem 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;

  • (c.1) if they transmit an amount of $1,000 or more in funds at the request of a person or entity, other than in the case of an electronic funds transfer, a record of

    • (i) the date of the transmission,

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

    • (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 transaction, and

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

  • (c.2) if they remit an amount of $1,000 or more in funds to a beneficiary at the request of a person or entity, other than in the case of an electronic funds transfer, a record of

    • (i) the date of the remittance,

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

    • (iii) the name of the person or entity who requested the remittance,

    • (iv) 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,

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

    • (vi) the number of every account that is affected by the transaction, and

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

  • (d) if they initiate 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);

  • (e) if they send 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 they exchange 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,

    • (v) every reference number that is connected to the sending 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, 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;

  • (f) if they are 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,

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

  • (g) if they transfer 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 and 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, and

    • (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;

  • (h) if they receive 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, 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,

    • (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;

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

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

 
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