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Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (SOR/2002-184)

Regulations are current to 2024-05-01 and last amended on 2022-06-29. Previous Versions

AMENDMENTS NOT IN FORCE

  • — SOR/2023-193, s. 8

    • 8 The Proceeds of Crime (Money Laundering) and Terrorist Financing RegulationsFootnote 2 are amended by adding the following after section 32:

      • 32.1 A money services business is not required to report the transaction or information referred to in paragraph 30(1)(a) or (f) or to keep the record referred to in section 31 or 32 if the cash or virtual currency is received only for the purpose of transport

        • (a) to or from a person or entity referred to in section 5 of the Act, if the transport is carried out at the request of such a person or entity and the cash or virtual currency is of an amount that is not declared to the money services business and that they cannot readily determine;

        • (b) between the Bank of Canada and a person or entity in Canada; or

        • (c) between two places of business of the same person or entity, if that person or entity is referred to in section 5 of the Act and the transport is carried out at their request.

  • — SOR/2023-193, s. 9

    • 9 The Regulations are amended by adding the following after section 35:

      • 35.1 A foreign money services business is not required to report the transaction or information referred to in paragraph 33(1)(a) or (f) or to keep the record referred to in section 34 or 35 if the cash or virtual currency is received only for the purpose of transport

        • (a) to or from a person or entity referred to in section 5 of the Act, if the transport is carried out at the request of such a person or entity and the cash or virtual currency is of an amount that is not declared to the foreign money services business and that they cannot readily determine;

        • (b) between the Bank of Canada and a person or entity in Canada; or

        • (c) between two places of business of the same person or entity, if that person or entity is referred to in section 5 of the Act and the transport is carried out at their request.

  • — SOR/2023-193, s. 10

    • 10 Section 36 of the Regulations is amended by adding the following after paragraph (f):

      • (f.1) subject to paragraphs (f.2) and (f.3), if, at the request of a person or entity, they transport $1,000 or more in cash or virtual currency within the meaning of paragraph (b) of the definition of that term in subsection 1(2) or $3,000 or more in money orders, traveller’s cheques or other similar negotiable instruments, except for cheques payable to a named person or entity, a record of

        • (i) the date and location of collection and delivery,

        • (ii) the type and amount of cash, virtual currency or negotiable instruments transported,

        • (iii) the name and address of the person or entity that made the request, the nature of their principal business or their occupation and, in the case of a person, their date of birth,

        • (iv) the name and address, if known, of each beneficiary,

        • (v) the number of every account that is affected by the transport, the type of account and the name of each account holder,

        • (vi) every reference number that is connected to the transport and has a function equivalent to that of an account number, and

        • (vii) the method of remittance;

      • (f.2) subject to paragraph (f.3), if, at the request of a person or entity, they transport cash, virtual currency within the meaning of paragraph (b) of the definition of that term in subsection 1(2) or money orders, traveller’s cheques or other similar negotiable instruments, except for cheques payable to a named person or entity, in an amount that has not been declared and that they cannot readily determine, a record of

        • (i) the date and location of collection and delivery,

        • (ii) the type, if known, of cash, virtual currency or negotiable instruments transported,

        • (iii) the name, address and telephone number of the person or entity that made the request, the nature of their principal business or their occupation and, in the case of a person, their date of birth,

        • (iv) the name and address, if known, of each beneficiary,

        • (v) the number of every account that is affected by the transport, the type of account and the name of each account holder,

        • (vi) every reference number that is connected to the transport and has a function equivalent to that of an account number,

        • (vii) the reason why the amount was not declared, and

        • (viii) the method of remittance;

      • (f.3) if, at the request of an entity referred to in paragraph 5(a) or (b) of the Act, they transport cash, virtual currency within the meaning of paragraph (b) of the definition of that term in subsection 1(2) or money orders, traveller’s cheques or other similar negotiable instruments, except for cheques payable to a named person or entity, a record of

        • (i) the date and location of collection and delivery,

        • (ii) the type and amount, if known, of cash, virtual currency or negotiable instruments transported, and

        • (iii) the name, address and telephone number of the entity that made the request;

  • — SOR/2023-193, s. 11

    • 11 Paragraph 74(2)(f) of the Regulations is replaced by the following:

      • (f) if the casino receives an amount of $3,000 or more from a person or entity, a receipt of funds record in respect of that amount, unless that amount is received from a financial entity or public body or from a person who is acting on behalf of a client that is a financial entity or public body.

  • — SOR/2023-193, s. 12

      • 12 (1) Subsection 95(1) of the Regulations is amended by adding the following after paragraph (c):

        • (c.1) requests that they transport an amount of $1,000 or more in cash or virtual currency within the meaning of paragraph (b) of the definition of that term in subsection 1(2) or an amount of $3,000 or more in money orders, traveller’s cheques or other similar negotiable instruments, except for cheques payable to a named person or entity;

      • (2) Paragraph 95(3)(a) of the Regulations is replaced by the following:

        • (a) that requests that they transport an amount of $1,000 or more in cash or virtual currency within the meaning of paragraph (b) of the definition of that term in subsection 1(2) or an amount of $3,000 or more in money orders, traveller’s cheques or other similar negotiable instruments, except for cheques payable to a named person or entity;

        • (a.1) in respect of which they are required to keep an information record under paragraph 36.1(a);

      • (3) Paragraph 95(4)(a) of the Regulations is replaced by the following:

        • (a) that requests that they transport an amount of $1,000 or more in cash or virtual currency within the meaning of paragraph (b) of the definition of that term in subsection 1(2) or an amount of $3,000 or more in money orders, traveller’s cheques or other similar negotiable instruments, except for cheques payable to a named person or entity;

        • (a.1) in respect of which they are required to keep an information record under paragraph 36.1(a);

  • — SOR/2023-193, s. 13

    • 13 Subsection 105(7) of the Regulations is amended by adding the following after paragraph (h):

      • (h.01) in the case referred to in paragraph 95(1)(c.1), before the first transport of cash, virtual currency or negotiable instruments is carried out;

  • — SOR/2023-193, s. 14

    • 14 Paragraph 109(4)(h.1) of the Regulations is replaced by the following:

      • (h.01) in the case referred to in paragraph 95(3)(a), before the first transport of cash, virtual currency or negotiable instruments is carried out;

      • (h.1) in the case referred to in paragraph 95(3)(a.1), at the time the information record is created;

  • — SOR/2023-193, s. 15

    • 15 Paragraph 111(1)(b) of the Regulations is replaced by the following:

      • (b) within the applicable time referred to in one of paragraphs 109(4)(a) to (i), they are satisfied that the corporation exists and that every person who deals with them on behalf of the corporation is authorized by it to do so; and

  • — SOR/2023-193, s. 16

    • 16 Paragraph 112(3)(h.1) of the Regulations is replaced by the following:

      • (h.01) in the case referred to in paragraph 95(4)(a), before the first transport of cash, virtual currency or negotiable instruments is carried out;

      • (h.1) in the case referred to in paragraph 95(4)(a.1), at the time the information record is created;

  • — SOR/2023-193, s. 17

      • 17 (1) Subsection 120(1) of the Regulations is amended by adding the following after paragraph (b):

        • (b.1) a person who requests that the money services business transport an amount of $100,000 or more in cash, virtual currency within the meaning of paragraph (b) of the definition of that term in subsection 1(2) or money orders, traveller’s cheques or other similar negotiable instruments, except for cheques payable to a named person or entity;

      • (2) Subsection 120(2) of the Regulations is amended by adding the following after paragraph (b):

        • (b.1) a person who requests that the foreign money services business transport an amount of $100,000 or more in cash, virtual currency within the meaning of paragraph (b) of the definition of that term in subsection 1(2) or money orders, traveller’s cheques or other similar negotiable instruments, except for cheques payable to a named person or entity;

  • — SOR/2023-193, s. 18

    • 18 The portion of subsection 122(1) of the Regulations before paragraph (a) is replaced by the following:

        • 122 (1) A financial entity, life insurance company, life insurance broker or agent, money services business, foreign money services business or casino that determines under subparagraph 116(1)(b)(i) or (iii), paragraph 117(a) or 120(1)(a) to (b.1) or (2)(a) to (b.1) or subsection 120.2(3) that a person is a politically exposed foreign person or a family member — referred to in subsection 2(1) — of, or a person who is closely associated with, such a person shall

  • — SOR/2023-193, s. 19

    • 19 Section 134 of the Regulations is amended by adding the following after subsection (3):

      • (4) Despite subsection (2), a person or entity that receives the cash or virtual currency from a person or entity referred to in subparagraph 5(h)(ii.1) or (h.1)(ii.1) of the Act and determines that the person or entity is acting on behalf of a third party shall, when they receive the cash or virtual currency, obtain the information referred to in subsection (2) from that person or entity and shall keep a record of that information.

  • — SOR/2023-193, s. 20

    • 20 The Regulations are amended by adding the following after section 151:

      Transport of Cash, Virtual Currency or Negotiable Instruments

        • 151.1 (1) Paragraphs 4.1(d) and (e) and section 37 do not apply in respect of an agreement that applies only in respect of the transport of

          • (a) cash, virtual currency within the meaning of paragraph (b) of the definition of that term in subsection 1(2) or money orders, traveller’s cheques or other similar negotiable instruments between

            • (i) the Bank of Canada and a person or entity in Canada,

            • (ii) two financial entities, or

            • (iii) two places of business of the same person or entity, if that person or entity is referred to in section 5 of the Act and the transport is carried out at their request; or

          • (b) coins of the currency of Canada for the purposes of delivery in accordance with subsection 7(1) of the Royal Canadian Mint Act.

        • (2) Paragraphs 36(f.1) to (f.3), 95(1)(c.1), (3)(a) and (4)(a) and 120(1)(b.1) do not apply in respect of the transport of

          • (a) cash, virtual currency within the meaning of paragraph (b) of the definition of that term in subsection 1(2) or money orders, traveller’s cheques or other similar negotiable instruments between

            • (i) the Bank of Canada and a person or entity in Canada,

            • (ii) two financial entities, or

            • (iii) two places of business of the same person or entity, if that person or entity is referred to in section 5 of the Act and the transport is carried out at their request; or

          • (b) coins of the currency of Canada for the purposes of delivery in accordance with subsection 7(1) of the Royal Canadian Mint Act.

  • — SOR/2023-193, s. 21

    • 21 Item 9 of Part B of Schedule 1 to the Regulations is replaced by the following:

      • 9 
        Name of every person or entity that is source of cash involved and their account number or policy number and name of the person or entity with which the account or policy is held or, if no account number or policy number, identifying number and name of the person or entity that issued it
  • — SOR/2023-193, s. 22

    • 22 Paragraph 10(d) of Part B of Schedule 1 to the Regulations is replaced by the following:

      • (d) 
        name of every person or entity that is involved in remittance and their account number or policy number and name of the person or entity with which the account or policy is held or, if no account number or policy number, identifying number and name of the person or entity that issued it
  • — SOR/2023-193, s. 23

    • 23 Part C of Schedule 1 to the Regulations is amended by adding the following after item 1:

      • 1.1* 
        Name of person or entity with which the account is held or of person or entity that issued the reference number
  • — SOR/2023-193, s. 24

    • 24 Item 10 of Part A of Schedule 2 to the Regulations is replaced by the following:

      • 10 
        Name of every person or entity that is source of funds involved and their account number or policy number and name of the person or entity with which the account or policy is held or, if no account number or policy number, identifying number and name of the person or entity that issued it
  • — SOR/2023-193, s. 25

    • 25 Paragraph 11(d) of Part A of Schedule 2 to the Regulations is replaced by the following:

      • (d) 
        name of every person or entity involved in remittance and their account number or policy number and name of the person or entity with which the account or policy is held or, if no account number or policy number, identifying number and name of the person or entity that issued it
  • — SOR/2023-193, s. 26

    • 26 Part B of Schedule 2 to the Regulations is amended by adding the following after item 1:

      • 1.1* 
        Name of person or entity with which the account is held or of person or entity that issued the reference number
  • — SOR/2023-193, s. 27

    • 27 Item 10 of Part A of Schedule 3 to the Regulations is replaced by the following:

      • 10 
        If obtained in ordinary course of business, name of every person or entity that is source of funds involved and their account number or policy number and name of the person or entity with which the account or policy is held or, if no account number or policy number, identifying number and name of the person or entity that issued it
  • — SOR/2023-193, s. 28

    • 28 Paragraph 11(d) of Part A of Schedule 3 to the Regulations is replaced by the following:

      • (d) 
        name of every person or entity involved in remittance and their account number or policy number and name of the person or entity with which the account or policy is held or, if no account number or policy number, identifying number and name of the person or entity that issued it
  • — SOR/2023-193, s. 29

    • 29 Part B of Schedule 3 to the Regulations is amended by adding the following after item 1:

      • 1.1* 
        Name of person or entity with which the account is held or of person or entity that issued the reference number
  • — SOR/2023-193, s. 30

    • 30 Item 9 of Part B of Schedule 4 to the Regulations is replaced by the following:

      • 9 
        If obtained in the ordinary course of business, name of every person or entity that is source of virtual currency involved and their account number or policy number and name of the person or entity with which the account or policy is held or, if no account number or policy number, identifying number and name of the person or entity that issued it
  • — SOR/2023-193, s. 31

    • 31 Paragraph 10(d) of Part B of Schedule 4 to the Regulations is replaced by the following:

      • (d) 
        name of every person or entity involved in remittance and their account number or policy number and name of the person or entity with which the account or policy is held or, if no account number or policy number, identifying number and name of the person or entity that issued it
  • — SOR/2023-193, s. 32

    • 32 Part C of Schedule 4 to the Regulations is amended by adding the following after item 1:

      • 1.1* 
        Name of person or entity with which the account is held or of person or entity that issued the reference number
  • — SOR/2023-193, s. 33

    • 33 Item 7 of Part B of Schedule 6 to the Regulations is replaced by the following:

      • 7* 
        Name of every person or entity involved in disbursement and their account number or policy number and name of the person or entity with which the account or policy is held or, if no account number or policy number, identifying number and name of the person or entity that issued it
  • — SOR/2023-193, s. 34

    • 34 Part C of Schedule 6 to the Regulations is amended by adding the following after item 1:

      • 1.1* 
        Name of person or entity with which the account is held or of person or entity that issued the reference number
  • — SOR/2023-194, s. 1

    • 1 Subsection 1(2) of the Proceeds of Crime (Money Laundering) and Terrorist Financing RegulationsFootnote 1 is amended by adding the following in alphabetical order:

      mortgage administrator

      mortgage administrator means a person or entity, other than a financial entity, that is engaged in the business of servicing mortgage agreements on real property or hypothec agreements on immovables on behalf of a lender. (administrateur hypothécaire)

      mortgage broker

      mortgage broker means a person or entity that is authorized under provincial legislation to act as an intermediary between a lender and a borrower with respect to loans secured by mortgages on real property or hypothecs on immovables. (courtier hypothécaire)

      mortgage lender

      mortgage lender means a person or entity, other than a financial entity, that is engaged in the business of providing loans secured by mortgages on real property or hypothecs on immovables. (prêteur hypothécaire)

  • — SOR/2023-194, s. 2

    • 2 Paragraph 4.1(c) of the Regulations is replaced by the following:

      • (c) if the person or entity is a real estate broker or sales representative, real estate developer, mortgage administrator, mortgage broker or mortgage lender, the first time that the person or entity is required to verify the identity of the client under these Regulations,

  • — SOR/2023-194, s. 3

      • 3 (1) Subparagraph 16(1)(a)(i) of the Regulations is replaced by the following:

        • (i) an entity referred to in paragraph 5(f) of the Act,

      • (2) Subsection 16(2) of the Regulations is amended by striking out “and” at the end of paragraph (g) and by adding the following after that paragraph:

        • (g.1) a record of measures taken to determine the nature of the clientele and markets served by the foreign financial institution;

      • (3) Subsection 16(2) of the Regulations is amended by adding the following after paragraph (h):

        • (i) a record of the measures taken to assess the reputation of the foreign financial institution with respect to its compliance with anti-money laundering and anti-terrorist financing requirements and the results of those measures; and

        • (j) a record of measures taken to assess the quality of the anti-money laundering and anti-terrorist financing supervision of the jurisdiction in which the foreign financial institution was incorporated and the jurisdiction in which it conducts transactions in the context of the correspondent banking relationship and the results of those measures.

      • (4) Section 16 of the Regulations is amended by adding the following after subsection (3):

        • (3.1) A financial entity that enters into a correspondent banking relationship shall periodically conduct, at a frequency that is appropriate to the level of risk, based on a risk assessment referred to in subsection 9.6(2) of the Act that takes into account the information collected in respect of the foreign financial institution in accordance with the Act and these Regulations, ongoing monitoring of that correspondent banking relationship for the purpose of

          • (a) detecting any transactions that are required to be reported in accordance with section 7 of the Act;

          • (b) keeping the information referred to in subsections (2) and (3) and sections 90 and 91 of these Regulations up to date;

          • (c) reassessing the level of risk associated with the foreign financial institution’s transactions and activities related to the correspondent banking relationship; and

          • (d) determining whether transactions or activities are consistent with the information obtained about the foreign financial institution and with the risk assessment.

  • — SOR/2023-194, s. 4

    • 4 The Regulations are amended by adding the following after section 64:

      Mortgage Administrators, Mortgage Brokers and Mortgage Lenders

        • 64.1 (1) A mortgage administrator is engaged in a business or profession for the purposes of paragraph 5(i) of the Act.

        • (2) A mortgage broker is engaged in a business or profession for the purposes of paragraph 5(i) of the Act.

        • (3) A mortgage lender is engaged in a business or profession for the purposes of paragraph 5(i) of the Act.

      • 64.2 A mortgage administrator, mortgage broker or mortgage lender that receives an amount of $10,000 or more in cash in a single transaction shall report the transaction to the Centre, together with the information set out in Schedule 1, unless the amount is received from a financial entity or public body or from a person who is acting on behalf of a client that is a financial entity or public body.

      • 64.3 A mortgage administrator, mortgage broker or mortgage lender that receives an amount of $10,000 or more in virtual currency in a single transaction shall report the transaction to the Centre, together with the information set out in Schedule 4, unless the amount is received from a financial entity or public body or from a person who is acting on behalf of a client that is a financial entity or public body.

      • 64.4 A mortgage administrator, mortgage broker or mortgage lender shall keep a large cash transaction record in respect of every amount of $10,000 or more in cash that they receive in a single transaction, unless the amount is received from a financial entity or public body or from a person who is acting on behalf of a client that is a financial entity or public body.

      • 64.5 A mortgage administrator, mortgage broker or mortgage lender shall keep a large virtual currency transaction record in respect of every amount of $10,000 or more in virtual currency that they receive in a single transaction, unless the amount is received from a financial entity or public body or from a person who is acting on behalf of a client that is a financial entity or public body.

      • 64.6 A mortgage administrator, mortgage broker or mortgage lender shall keep the following records:

        • (a) a receipt of funds record in respect of every amount that they receive in connection with a mortgage on real property or a hypothec on immovables, unless the amount is received from a financial entity or public body or from a person who is acting on behalf of a client that is a financial entity or public body;

        • (b) an information record in respect of every person or entity

          • (i) in the case of a mortgage administrator, for which they service a mortgage agreement on real property or a hypothec agreement on immovables,

          • (ii) in the case of a mortgage broker, for which they arrange a loan secured by a mortgage on real property or by a hypothec on immovables, and

          • (iii) in the case of a mortgage lender, to which they provide a loan secured by a mortgage on real property or by a hypothec on immovables or from which they raise funds for such a loan;

        • (c) in respect of any loan secured by a mortgage on real property or by a hypothec on immovables that it enters into with a client, a record of the client’s financial capacity, the terms of the loan, the nature of the client’s principal business or their occupation and, if the client is a person, the name and address of their business or place of work; and

        • (d) if the receipt of funds record or information record is in respect of a corporation, a copy of the part of official corporate records that contains any provision relating to the power to bind the corporation in respect of transactions with the mortgage administrator, mortgage broker or mortgage lender.

  • — SOR/2023-194, s. 5

    • 5 Section 90 of the Regulations is amended by striking out “and” at the end of paragraph (a) and replacing paragraph (b) with the following:

      • (b) shall take reasonable measures to

        • (i) ascertain, based on information that is accessible to the public, whether any civil or criminal penalties have been imposed on the foreign financial institution in respect of anti-money laundering or anti-terrorist financing requirements and, if such a penalty has been imposed, shall monitor all transactions conducted in the context of the correspondent banking relationship to detect any transactions that are required to be reported to the Centre under section 7 of the Act,

        • (ii) assess, based on information that is accessible to the public, the reputation of the foreign financial institution with respect to its compliance with anti-money laundering and anti-terrorist financing requirements, and

        • (iii) assess, based on information that is accessible to the public, the quality of the anti-money laundering and anti-terrorist financing supervision of the jurisdiction in which the foreign financial institution was incorporated and the jurisdiction in which it conducts transactions in the context of the correspondent banking relationship; and

      • (c) shall take reasonable measures to determine the nature of the clientele and markets served by the foreign financial institution.

  • — SOR/2023-194, s. 6

    • 6 The Regulations are amended by adding the following after section 102:

      Mortgage Administrators, Mortgage Brokers and Mortgage Lenders

      • 102.1 A mortgage administrator, mortgage broker or mortgage lender shall

        • (a) in accordance with section 105, verify the identity of a person who conducts a transaction in respect of which they are required to keep a record under section 64.6;

        • (b) in accordance with section 109, verify the identity of a corporation that conducts a transaction referred to in paragraph (a) or on whose behalf a person conducts such a transaction; and

        • (c) in accordance with section 112, verify the identity of an entity, other than a corporation, that conducts a transaction referred to in paragraph (a) or on whose behalf a person conducts such a transaction.

  • — SOR/2023-194, s. 7

    • 7 Paragraph 105(7)(a) of the Regulations is replaced by the following:

      • (a) in the cases referred to in section 84, subparagraphs 86(a)(iii) and 88(a)(iii), paragraphs 95(1)(a) to (f), 96(a), 97(1)(a), 100(a), 101(1)(a), 102(a) and 102.1(a), subparagraphs 103(a)(iii) to (vii) and paragraph 104(a), at the time of the transaction;

  • — SOR/2023-194, s. 8

    • 8 Paragraph 109(4)(i) of the Regulations is replaced by the following:

      • (i) in the cases referred to in paragraphs 96(b), 97(1)(b), 100(b), 101(1)(b), 102(b) and 102.1(b), within 30 days after the day on which the transaction is conducted.

  • — SOR/2023-194, s. 9

    • 9 Paragraph 112(3)(i) of the Regulations is replaced by the following:

      • (i) in the cases referred to in paragraphs 96(c), 97(1)(c), 100(c), 101(1)(c), 102(c) and 102.1(c), within 30 days after the day on which the transaction is conducted.

  • — SOR/2023-194, s. 10

    • 10 Section 120.1 of the Regulations is replaced by the following:

        • 120.1 (1) A British Columbia notary public, British Columbia notary corporation, accountant, accounting firm, real estate broker or sales representative, real estate developer, mortgage administrator, mortgage broker, mortgage lender, dealer in precious metals and precious stones, department or agent of His Majesty in right of Canada or agent or mandatary of His Majesty in right of a province shall take reasonable measures to determine whether a person with whom they enter into a business relationship is a politically exposed foreign person, a politically exposed domestic person, a head of an international organization, a family member — referred to in subsection 2(1) — of one of those persons or a person who is closely associated with a politically exposed foreign person.

        • (2) A British Columbia notary public, British Columbia notary corporation, accountant, accounting firm, real estate broker or sales representative, real estate developer, mortgage administrator, mortgage broker, mortgage lender, dealer in precious metals and precious stones, department or agent of His Majesty in right of Canada or agent or mandatary of His Majesty in right of a province shall periodically take reasonable measures to determine whether a person with whom they have a business relationship is a politically exposed foreign person, a politically exposed domestic person, a head of an international organization, a family member — referred to in subsection 2(1) — of one of those persons or a person who is closely associated with a politically exposed foreign person.

        • (3) A British Columbia notary public, British Columbia notary corporation, accountant, accounting firm, real estate broker or sales representative, real estate developer, mortgage administrator, mortgage broker, mortgage lender, dealer in precious metals and precious stones, department or agent of His Majesty in right of Canada or agent or mandatary of His Majesty in right of a province shall take reasonable measures to determine whether a person from whom they receive an amount of $100,000 or more, in cash or in virtual currency, is a politically exposed foreign person, a politically exposed domestic person or a head of an international organization, or a family member — referred to in subsection 2(1) — of, or a person who is closely associated with, one of those persons.

        • (4) If a British Columbia notary public, British Columbia notary corporation, accountant, accounting firm, real estate broker or sales representative, real estate developer, mortgage administrator, mortgage broker, mortgage lender, dealer in precious metals and precious stones, department or agent of His Majesty in right of Canada or agent or mandatary of His Majesty in right of a province — or any of their employees or officers — detects a fact that constitutes reasonable grounds to suspect that a person with whom they have a business relationship is a politically exposed foreign person, a politically exposed domestic person or a head of an international organization, or a family member — referred to in subsection 2(1) — of, or a person who is closely associated with, one of those persons, the person or entity shall take reasonable measures to determine whether they are such a person.

  • — SOR/2023-194, s. 11

      • 11 (1) Subsection 140(1) of the English version of the Regulations is replaced by the following:

          • 140 (1) For the purposes of paragraph 7(1)(a), sections 18 and 25 and paragraphs 30(1)(a) and 70(1)(a), if the person or entity that has the obligation to report authorizes another person or entity to receive funds on their behalf, and that other person or entity receives an amount of $10,000 or more in cash in a single transaction in accordance with the authorization, the person or entity that has the obligation to report is deemed to have received the amount when it is received by the other person or entity.

      • (2) Subsection 140(3) of the Regulations is replaced by the following:

        • (3) For the purposes of sections 39, 48, 54, 60, 64.2, 66 and 78, if the person or entity that has the obligation to report authorizes another person or entity to receive funds on their behalf in connection with the activity referred to in the applicable section, and that other person or entity receives an amount of $10,000 or more in cash in a single transaction in accordance with the authorization, the person or entity that has the obligation to report is deemed to have received the amount when it is received by the other person or entity.

  • — SOR/2023-194, s. 12

      • 12 (1) Subsection 141(1) of the English version of the Regulations is replaced by the following:

          • 141 (1) For the purposes of paragraph 7(1)(d), sections 19 and 26 and paragraphs 30(1)(f) and 70(1)(d), if the person or entity that has the obligation to report authorizes another person or entity to receive virtual currency on their behalf, and that other person or entity receives an amount of $10,000 or more in virtual currency in a single transaction in accordance with the authorization, the person or entity that has the obligation to report is deemed to have received the amount when it is received by the other person or entity.

      • (2) Subsection 141(3) of the Regulations is replaced by the following:

        • (3) For the purposes of sections 40, 49, 55, 61, 64.3, 67 and 79, if the person or entity that has the obligation to report authorizes another person or entity to receive virtual currency on their behalf in connection with the activity referred to in the applicable section, and that other person or entity receives an amount of $10,000 or more in virtual currency in a single transaction in accordance with the authorization, the person or entity that has the obligation to report is deemed to have received the amount when it is received by the other person or entity.

  • — SOR/2023-194, s. 13

      • 13 (1) Subsection 142(1) of the English version of the Regulations is replaced by the following:

          • 142 (1) For the purposes of sections 10, 20, 27 and 31 and subsection 72(1), if the person or entity that has the obligation to keep a large cash transaction record authorizes another person or entity to receive funds on their behalf, and that other person or entity receives an amount of $10,000 or more in cash in a single transaction in accordance with the authorization, the person or entity that has the obligation to keep the large cash transaction record is deemed to have received the amount when it is received by the other person or entity.

      • (2) Subsection 142(3) of the Regulations is replaced by the following:

        • (3) For the purposes of sections 41, 50, 56, 62, 64.4, 68 and 80, if the person or entity that has the obligation to keep a large cash transaction record authorizes another person or entity to receive funds on their behalf in connection with the activity referred to in the applicable section, and that other person or entity receives an amount of $10,000 or more in cash in a single transaction in accordance with the authorization, the person or entity that has the obligation to keep the large cash transaction record is deemed to have received the amount when it is received by the other person or entity.

  • — SOR/2023-194, s. 14

      • 14 (1) Subsection 143(1) of the English version of the Regulations is replaced by the following:

          • 143 (1) For the purposes of sections 11, 21, 28, 32 and 73, if the person or entity that has the obligation to keep a large virtual currency transaction record authorizes another person or entity to receive virtual currency on their behalf, and that other person or entity receives an amount of $10,000 or more in virtual currency in a single transaction in accordance with the authorization, the person or entity that has the obligation to keep the large virtual currency transaction record is deemed to have received the amount when it is received by the other person or entity.

      • (2) Subsection 143(3) of the Regulations is replaced by the following:

        • (3) For the purposes of sections 42, 51, 57, 63, 64.5, 69 and 81, if the person or entity that has the obligation to keep a large virtual currency transaction record authorizes another person or entity to receive virtual currency on their behalf in connection with the activity referred to in the applicable section, and that other person or entity receives an amount of $10,000 or more in virtual currency in a single transaction in accordance with the authorization, the person or entity that has the obligation to keep the large virtual currency transaction record is deemed to have received the amount when it is received by the other person or entity.

  • — SOR/2023-194, s. 15

    • 15 Subparagraph 156(1)(c)(i) of the Regulations is replaced by the following:

      • (i) their clients, business relationships and correspondent banking relationships,

  • — SOR/2023-194, s. 16

    • 16 Schedule 1 to the Regulations is amended by replacing the references after the heading “SCHEDULE 1” with the following:

      (Paragraph 7(1)(a), sections 18 and 25, paragraphs 30(1)(a) and 33(1)(a), sections 39, 48, 54, 60, 64.2 and 66, paragraph 70(1)(a), section 78, subsection 131(3) and section 152)
  • — SOR/2023-194, s. 17

    • 17 Schedule 4 to the Regulations is amended by replacing the references after the heading “SCHEDULE 4” with the following:

      (Paragraph 7(1)(d), sections 19 and 26, paragraphs 30(1)(f) and 33(1)(f), sections 40, 49, 55, 61, 64.3 and 67, paragraph 70(1)(d), section 79, subsection 131(3) and section 152)
  • — SOR/2023-194, s. 18

    • 18 The English version of the Regulations is amended by replacing “Her Majesty” with “His Majesty” in the following provisions:

      • (a) the definition dealer in precious metals and precious stones in subsection 1(2);

      • (b) paragraph (e) of the definition financial entity in subsection 1(2);

      • (c) paragraph (a) of the definition public body in subsection 1(2);

      • (d) subparagraph 16(1)(a)(v);

      • (e) subsection 65(1);

      • (f) the heading before section 76 and sections 76 to 81;

      • (g) the portion of section 82 before paragraph (a);

      • (h) the heading before section 104; and

      • (i) the portion of section 104 before paragraph (a).


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