Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

62 (1) Subsection 56(1) does not apply in respect of any of the following transactions:

• (a) the purchase 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;

• (b) the purchase of a registered annuity policy in respect of an annuity referred to in subsection (5) or a registered retirement income fund;

• (c) the purchase of an immediate or deferred annuity that is paid for entirely with the proceeds of a group life insurance policy;

• (d) a transaction that is part of a reverse mortgage or of a structured settlement;

• (e) the opening of a registered plan account, including a locked-in retirement plan account, a registered retirement savings plan account and a group registered retirement savings plan account;

• (f) the opening of an employees profit sharing plan account or a deferred profit sharing plan account, unless the account is funded in whole or in part by contributions by a person or entity other than the employer; or

• (g) the opening of a dividend reinvestment plan account sponsored by a corporation for its investors, unless the account is funded in whole or in part by a source other than the corporation.

(2) Paragraph 54(1)(a), subsection 57(1) and paragraph 60(a) do not apply if

• (a) the person already has an account with the financial entity, the securities dealer or the casino, as the case may be; or

• (b) there are reasonable grounds to believe that the account holder is a public body or a corporation that has minimum net assets of $75 million on its last audited balance sheet and whose shares are traded on a Canadian stock exchange or a stock exchange that is prescribed by section 3201 of the Income Tax Regulations and operates in a country that is a member of the Financial Action Task Force on Money Laundering.

(3) Subsections 56(1), (3) and (4) do not apply if the entity in respect of which a client information record is required to be kept is a public body or a corporation referred to in paragraph (2)(b).

(4) Paragraphs 54(1)(a) and 55(b) and (c) and subsections 56(1), (3) and (4) and 57(1) do not apply if the account holder or settlor is a pension fund that is regulated by or under an Act of Parliament or of the legislature of a province.

(5) Subsection 54(1) does not apply in respect of

• (a) employees profit sharing plan accounts and deferred profit sharing plan accounts, unless the accounts are funded in whole or in part by contributions by a person or entity other than the employer; or

• (b) dividend reinvestment plan accounts sponsored by a corporation for its investors, unless the accounts are funded in whole or in part by a source other than the corporation.