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

123 (1) If a financial entity, securities dealer or casino obtains approval under subsection 121(1) or (2) to keep an account open, they shall keep a record of

• (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 or a head of an international organization, or a family member — referred to in subsection 2(1) — of, or a person who is closely associated with, one of those persons;

• (b) the date of the determination;

• (c) the source, if known, of the funds or virtual currency that is or is expected to be deposited into the account or of the funds or virtual currency that is or is expected to be paid to the prepaid payment product account;

• (d) the source, if known, of the person’s wealth;

• (e) the name of the member of senior management who gave the approval; and

• (f) the date of that approval.

(2) If a transaction that is conducted with a financial entity, money services business, foreign money services business or casino is reviewed under any of subsections 122(1) to (3) and (5) to (7), the financial entity, money services business, foreign money services business or casino shall keep a record of

• (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 or a head of an international organization, or a family member — referred to in subsection 2(1) — of, or a person who is closely associated with, one of those persons;

• (b) the date of the determination;

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

• (d) the source, if known, of the person’s wealth;

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

• (f) the date of that review.

(3) If a transaction that is conducted with a life insurance company or life insurance broker or agent is reviewed under any of subsections 122(1), (4), (5) and (8), the life insurance company or life insurance broker or agent shall keep a record of

• (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 or a head of an international organization, or a family member — referred to in subsection 2(1) — of, or a person who is closely associated with, one of those persons;

• (b) the date of the determination;

• (c) the source, if known, of the funds or virtual currency used for a transaction referred to in paragraph 117(a) or of the funds or virtual currency that they receive from an annuitant of an immediate or deferred annuity or a holder of a life insurance policy referred to in paragraph 117(b);

• (d) the source, if known, of the person’s wealth;

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

• (f) the date of that review.

(4) If a person or entity takes any of the measures referred to in subsection 122.1(1) or (3), the person or entity shall keep a record of

• (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 or a head of an international organization, or a family member — referred to in subsection 2(1) — of, or a person who is closely associated with, one of those persons;

• (b) the date of the determination; and

• (c) the source, if known, of the person’s wealth.

(5) If a transaction that is conducted with a person or entity is reviewed under subsection 122.1(2) or (4), the person or entity shall keep a record of

• (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 or a head of an international organization, or a family member — referred to in subsection 2(1) — of, or a person who is closely associated with, one of those persons;

• (b) the date of the determination;

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

• (d) the source, if known, of the person’s wealth;

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

• (f) the date of that review.