Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

14 (1) A financial entity shall keep the following records in respect of every prepaid payment product account that it opens and of every transaction that is made by means of a prepaid payment product that is connected to that account:

• (a) a record of the name and address of each holder of a prepaid payment product account and each authorized user, the nature of their principal business or their occupation and, in the case of a person, their date of birth;

• (b) if an account holder is a corporation, a copy of the part of its official corporate records that contains any provision relating to the power to bind the corporation in respect of the prepaid payment product account or the transaction;

• (c) a record of every application in respect of the prepaid payment product account;

• (d) a prepaid payment product slip in respect of every payment that is made to the prepaid payment product account;

• (e) every debit and credit memo that it creates or receives in respect of the prepaid payment product account;

• (f) a copy of every account statement that it sends to a holder of the prepaid payment product account;

• (g) a foreign currency exchange transaction ticket in respect of every foreign currency exchange transaction that is connected to the prepaid payment product account;

• (h) if it initiates an international electronic funds transfer of $1,000 or more at the request of a person or entity and the funds are transferred from the prepaid payment product account, 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);

• (i) if it is the final recipient of an international electronic funds transfer of $1,000 or more and the remittance to the beneficiary is by payment to the prepaid payment product account, 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 and 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 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, and

  • (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);

• (j) if it transfers from a prepaid payment product account 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,

  • (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;

• (k) if it receives an amount of $1,000 or more in virtual currency for remittance to a beneficiary by payment to the prepaid payment product account, a record of

  • (i) the date of the receipt,

  • (ii) the type and amount of each virtual currency that is received,

  • (iii) the name and 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; and

• (l) a virtual currency exchange transaction ticket in respect of every virtual currency exchange transaction that is connected to the prepaid payment product account.

(2) In this section, prepaid payment product slip means a record that sets out

• (a) the date of a payment to a prepaid payment product account;

• (b) the name of the person or entity that makes the payment;

• (c) the type and amount of each type of funds or each of the virtual currencies involved in the payment;

• (d) the method by which the payment is made;

• (e) the name of each holder of the prepaid payment product account; and

• (f) the account number and, if different, the number that identifies the prepaid payment product that is connected to the account.