Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

14 Subject to subsection 62(2), every financial entity shall keep the following records in respect of a transaction or the opening of an account other than a credit card account:

• (a) where it opens an account, a signature card in respect of each account holder for that account;

• (b) where it opens an account 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 the account;

• (c) where it opens an account in the name of a client that is a person or an entity other than a corporation, a record of the name and address of the client and

  • (i) if the client is a person, their date of birth and the nature of their principal business or their occupation, as applicable, and

  • (ii) if the client is an entity other than a corporation, the nature of their principal business;

• (c.1) in respect of every account that it opens, a record that sets out the intended use of the account;

• (d) every account operating agreement that it creates in the normal course of business;

• (e) a deposit slip in respect of every deposit that is made to an account;

• (f) every debit and credit memo that it creates or receives in the normal course of business in respect of an account, except debit memos that relate to another account at the same branch of the financial entity that created the debit memo;

• (g) a copy of every account statement that it sends to a client, if the information in the statement is not readily obtainable from other records that are kept and retained by it under these Regulations;

• (h) every cleared cheque that is drawn on, and a copy of every cleared cheque that is deposited to, an account, unless

  • (i) the account on which the cheque is drawn and the account to which the cheque is deposited are at the same branch of the financial entity, or

  • (ii) the following conditions are met, namely,

    • (A) an image of the cheque has been recorded on microfilm or on an electronic medium,

    • (B) an image of the cheque can be readily reproduced from the microfilm or electronic medium,

    • (C) it is possible to readily ascertain where the image of any particular cheque is recorded, and

    • (D) the microfilm or electronic medium is retained for a period of at least five years;

• (i) every client credit file that it creates in the normal course of business;

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

• (k) where it receives an amount of $3,000 or more from a person or from an entity other than a financial entity in consideration of the issuance of traveller’s cheques, money orders or similar negotiable instruments, a record of the amount received, the date it was received, the name and address of the person who in fact gave the amount and whether the amount received was in cash, cheques, traveller’s cheques, money orders or other similar negotiable instruments;

• (l) where, in a single transaction, it redeems one money order of $3,000 or more, or two or more money orders that, taken together, add up to a total of $3,000 or more, a record of the total amount of the money order or orders, the date on which the money order or orders were redeemed, the name and address of the person who made the request for the money order or orders to be redeemed and the name of the issuer of each money order;

• (m) where, at the request of a client, it sends an electronic funds transfer, as prescribed by subsection 66.1(2), in an amount of $1,000 or more, a record of

  • (i) if the client is a person, their name, address, date of birth and telephone number and the nature of their principal business or their occupation, as applicable,

  • (ii) if the client is an entity, the name, address, date of birth and telephone number of the person initiating the transaction on behalf of the entity and the nature of that person’s principal business or their occupation, as applicable,

  • (iii) the relevant account number, if any, and the reference number, if any, of the transaction and the date of the transaction,

  • (iv) the name or account number of the person or entity to whom the electronic funds transfer is sent, and

  • (v) the amount and currency of the transaction;

• (n) where it has obtained approval under paragraph 67.1(b) to keep the account of a person that has been determined to be a politically exposed foreign person open, a record of

  • (i) the office or position in respect of which the person was determined to be a politically exposed foreign person,

  • (ii) the source, if known, of the funds that are or are expected to be deposited in the account,

  • (iii) the date of the determination that the person was a politically exposed foreign person,

  • (iv) the name of the member of senior management who gave the approval to keep the account open, and

  • (v) the date of that approval; and

• (o) where a transaction has been reviewed under subsection 67.2(2), a record of

  • (i) the office or position in respect of which the person initiating the transaction or the beneficiary of the transaction was determined to be a politically exposed foreign person,

  • (ii) the source, if known, of the funds that have been used for the transaction,

  • (iii) the date of the determination that the person referred to in subparagraph (i) was a politically exposed foreign person,

  • (iv) the name of the member of senior management who reviewed the transaction, and

  • (v) the date of that review.