Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

56.1 Subject to section 56.2 and subsections 62(2) and 63(5), a life insurance company or life insurance broker or agent shall, in accordance with subsection 67.2(5), take reasonable measures to determine whether a person who makes a lump-sum payment of $100,000 or more in respect of an immediate or deferred annuity or life insurance policy on their own behalf or on behalf of a third party is a politically exposed foreign person, a politically exposed domestic person, a head of an international organization or a family member of, or person who is closely associated with, one of those persons.