Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

3 (1) In these Regulations, two or more cash transactions or electronic funds transfers of less than $10,000 each that are made within 24 consecutive hours and that total $10,000 or more are considered to be a single transaction of $10,000 or more if

• (a) where a person is required to keep a large cash transaction record or to report an electronic funds transfer in accordance with these Regulations, the person knows that the transactions or transfers are conducted by, or on behalf of, the same person or entity; and

• (b) where an entity is required to keep a large cash transaction record or to report an electronic funds transfer in accordance with these Regulations, an employee or a senior officer of the entity knows that the transactions or transfers are conducted by, or on behalf of, the same person or entity.

(2) For greater certainty, subsection (1) does not apply in respect of an electronic funds transfer sent to two or more beneficiaries where the transfer is requested by

• (a) a public body or a corporation referred to in paragraph 62(2)(m); or

• (b) an administrator of a pension fund that is regulated by or under an Act of Parliament or of the legislature of a province.