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

56.1 [Repealed, SOR/2019-240, s. 36]

56.2 [Repealed, SOR/2019-240, s. 36]

56.3 [Repealed, SOR/2019-240, s. 36]

56.4 [Repealed, SOR/2019-240, s. 36]

57 A real estate broker or sales representative 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 in connection with an activity referred to in section 53, 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.

57.1 [Repealed, SOR/2019-240, s. 36]

57.2 [Repealed, SOR/2019-240, s. 36]

57.3 [Repealed, SOR/2019-240, s. 36]

• 58 (1) A real estate broker or sales representative shall keep the following records in connection with an activity referred to in section 53:

  • (a) a receipt of funds record in respect of every amount that they receive, 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 for which they act as an agent or mandatary in respect of the purchase or sale of real property or immovables; and

  • (c) 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 real estate broker or sales representative.

• (2) If two or more of the parties to a transaction are represented by a real estate broker or sales representative and one of those real estate brokers or sales representatives receives funds in respect of the transaction from a party that is represented by another real estate broker or sales representative, the real estate broker or sales representative that represents the party from which the funds are received is responsible for keeping the receipt of funds record referred to in paragraph (1)(a) and, if applicable, the copy referred to in paragraph (1)(c).

• (3) A real estate broker or sales representative that is responsible under subsection (2) for keeping a receipt of funds record is not required to include in that record any of the following information if, after taking reasonable measures to do so, they are unable to obtain it:

  • (a) the number and type of an account that is affected by the transaction referred to in subsection (2);

  • (b) the name of a holder of the account;

  • (c) a reference number that is connected to the transaction.

• (4) A real estate broker or sales representative that is responsible under subsection (2) for keeping a receipt of funds record and that determines that the transaction affects a trust account held by another real estate broker or sales representative shall include that information in the record but is not required to include

  • (a) the number of the trust account; or

  • (b) the name of the holder or holders of the trust account.

Real Estate Developers

59 A real estate developer is engaged in a business or profession for the purposes of paragraph 5(j) of the Act when they sell a new house, new condominium unit, new commercial or industrial building or new multi-unit residential building to the public, including, if they are a corporation, when they do so on behalf of a subsidiary or affiliate.

59.01 [Repealed, SOR/2019-240, s. 36]

59.02 [Repealed, SOR/2019-240, s. 36]

59.1 [Repealed, SOR/2019-240, s. 36]

59.11 [Repealed, SOR/2019-240, s. 36]

59.12 [Repealed, SOR/2019-240, s. 36]

59.2 [Repealed, SOR/2019-240, s. 36]

59.21 [Repealed, SOR/2019-240, s. 36]

59.22 [Repealed, SOR/2019-240, s. 36]

59.3 [Repealed, SOR/2019-240, s. 36]

59.31 [Repealed, SOR/2019-240, s. 36]

59.32 [Repealed, SOR/2019-240, s. 36]

60 A real estate developer that receives an amount of $10,000 or more in cash in a single transaction in connection with an activity referred to in section 59 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.

61 A real estate developer that receives an amount of $10,000 or more in virtual currency in a single transaction in connection with an activity referred to in section 59 shall report the transaction to the Centre, together with the information set out in Schedule 4.

62 A real estate developer 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 in connection with an activity referred to in section 59, 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.

63 A real estate developer 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 in connection with an activity referred to in section 59, 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 A real estate developer shall keep the following records in connection with an activity referred to in section 59:

• (a) a receipt of funds record in respect of every amount that they receive, 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 to which they sell a new house, new condominium unit, new commercial or industrial building or new multi-unit residential building; and

• (c) 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 real estate developer.

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.

Dealers in Precious Metals and Precious Stones

• 65 (1) A dealer in precious metals and precious stones, other than 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, that buys or sells precious metals, precious stones or jewellery, for an amount of $10,000 or more is engaged in an activity for the purposes of paragraph 5(i) of the Act. 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 carries out an activity for the purposes of paragraph 5(l) of the Act when they sell precious metals to the public for an amount of $10,000 or more.

• (2) The activities referred to in subsection (1) do not include a purchase or sale that is carried out in the course of or in connection with manufacturing a product that contains precious metals or precious stones, extracting precious metals or precious stones from a mine or polishing or cutting precious stones.

• (3) For greater certainty, the activities referred to in subsection (1) include the sale of precious metals, precious stones or jewellery that are left on consignment with a dealer in precious metals and precious stones. Goods left with an auctioneer for sale at auction are not considered to be left on consignment.

66 A dealer in precious metals and precious stones that receives an amount of $10,000 or more in cash in a single transaction in connection with an activity referred to in section 65 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.

67 A dealer in precious metals and precious stones that receives an amount of $10,000 or more in virtual currency in a single transaction in connection with an activity referred to in section 65 shall report the transaction to the Centre, together with the information set out in Schedule 4.

68 A dealer in precious metals and precious stones 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 in connection with an activity referred to in section 65, 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.

69 A dealer in precious metals and precious stones 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 in connection with an activity referred to in section 65, 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.