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

127 (1) If a person or entity that is required to report the initiation of an international electronic funds transfer under these Regulations initiates two or more international electronic funds transfers that total $10,000 or more within 24 consecutive hours, those transactions are deemed to be a single transaction of $10,000 or more if that person or entity knows that

• (a) the electronic funds transfers are initiated at the request of the same person or entity;

• (b) the requests are made on behalf of the same person or entity; or

• (c) the amounts are for the same beneficiary.

(2) Paragraphs (1)(a) and (b) do not apply if the requests to initiate the electronic funds transfers are made by or on behalf of

• (a) a public body;

• (b) a corporation or trust that has minimum net assets of $75 million on its last audited balance sheet, whose shares or units are traded on a Canadian stock exchange or a stock exchange designated under subsection 262(1) of the Income Tax Act and that operates in a country that is a member of the Financial Action Task Force; or

• (c) an administrator of a pension fund that is regulated under federal or provincial legislation.