Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

22 (1) A life insurance company or life insurance broker or agent shall, regardless of the means of payment, keep an information record in connection with the sale of an immediate or deferred annuity or a life insurance policy

• (a) for which they are to receive an amount of $10,000 or more over the duration of the annuity or policy; or

• (b) under which they are to remit an amount of $10,000 or more to a beneficiary over the duration of the annuity or policy.

(2) The information record

• (a) in connection with the sale referred to in paragraph (1)(a) shall be created when the life insurance company or life insurance broker or agent establishes the annuity or policy and shall be kept, subject to subsection (3), in respect of the annuitant or policy holder; and

• (b) in connection with the sale referred to in paragraph (1)(b) shall be created before the life insurance company or life insurance broker or agent first remits funds or virtual currency to the beneficiary under the annuity or policy and shall be kept in respect of the beneficiary.

(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 information record shall be kept in respect of the applicant for the policy or annuity.

(4) Paragraph (2)(b) does not apply if the life insurance company or life insurance broker or agent, due to facts or circumstances beyond its control, is unable to create the information record within the time period in which they are required, under federal or provincial legislation, to first remit funds or virtual currency to the beneficiary.