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Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

Version of section 69 from 2006-03-22 to 2008-06-22:

  •  (1) Subject to subsection (2), every person or entity that is required to obtain, keep or create records under these Regulations shall retain those records for a period of at least five years following

    • (a) in respect of signature cards, account operating agreements, client credit files and account application forms, the day of the closing of the account to which they relate;

    • (b) in respect of client information records, certificates of corporate status, records that are required to be filed annually under the applicable provincial securities legislation or other similar records that ascertain the existence of a corporation, and records that ascertain the existence of an entity, other than a corporation, including partnership agreements and articles of association, the day on which the last business transaction is conducted; and

    • (c) in respect of all other records, the day on which they were created.

  • (2) Where records that an individual keeps under these Regulations are the property of the individual’s employer or a person or entity with which the individual is in a contractual relationship, the individual is not required to retain the records after the end of the individual’s employment or contractual relationship.

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