Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

120.1 (1) The following persons and entities 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:

• (a) a factor;

• (b) a financing or leasing entity;

• (c) a British Columbia notary public;

• (d) a British Columbia notary corporation;

• (e) an accountant;

• (f) an accounting firm;

• (g) a real estate broker or sales representative;

• (h) a real estate developer;

• (i) a mortgage administrator;

• (j) a mortgage broker;

• (k) a mortgage lender;

• (l) a dealer in precious metals and precious stones; and

• (m) a department or an agent of His Majesty in right of Canada or an agent or mandatary of His Majesty in right of a province.

(2) A person or entity referred to in any of paragraphs (1)(a) to (m) 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 person or entity referred to in any of paragraphs (1)(a) to (m) 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 person or entity referred to in any of paragraphs (1)(a) to (m) — 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.