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

128 (1) If a person or entity that is required to report the final receipt of an electronic funds transfer under these Regulations finally receives two or more 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; or

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

(2) Paragraph (1)(b) does not apply if the beneficiary is

• (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.