Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

20 A life insurance company or life insurance broker or agent shall keep a large cash transaction record in respect of every amount of $10,000 or more in cash that they receive from a person or entity in a single transaction, unless

• (a) the amount is received from a financial entity or public body or from a person who is acting on behalf of a client that is a financial entity or public body; or

• (b) the transaction

  • (i) involves the sale of an immediate or deferred annuity that is paid for entirely with funds that are directly transferred from a registered pension plan or from a pension plan that is required to be registered under the Pension Benefits Standards Act, 1985, or similar provincial legislation,

  • (ii) involves the sale of a registered annuity policy or a registered retirement income fund,

  • (iii) involves the sale of an immediate or deferred annuity that is paid for entirely with the proceeds of a group life insurance policy, or

  • (iv) is part of a reverse mortgage or structured settlement.