Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations
19 (1) Subject to subsection (3), every life insurance company or life insurance broker or agent shall keep a client information record for every purchase from it of an immediate or deferred annuity or of a life insurance policy for which the client may pay $10,000 or more over the duration of the annuity or policy, irrespective of the means of payment.
(2) Subject to subsection (3), in the case of a life insurance policy that is a group life insurance policy or in the case of a group annuity, the client information record shall be kept in respect of the applicant for the policy or annuity.
(3) Subsections (1) and (2) do not apply to a purchase of
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