Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

124 (1) For the purposes of section 9.5 of the Act, the prescribed persons or entities are the financial entities, money services businesses, foreign money services businesses and casinos that are required to keep a record under these Regulations in respect of an electronic funds transfer.

(2) For the purposes of section 9.5 of the Act, the prescribed electronic funds transfers are

• (a) electronic funds transfers, as defined in subsection 1(2), that are SWIFT MT-103 messages or their equivalent; and

• (b) international electronic funds transfers other than, in respect of financial entities and casinos, those carried out by means of a credit or debit card or a prepaid payment product if the beneficiary has an agreement with the payment service provider that permits payment by that means for the provision of goods and services.

(3) For the purposes of paragraph 9.5(a) of the Act, the prescribed information is

• (a) the beneficiary’s name and address; and

• (b) if applicable, the account number or other reference number, if any, of the beneficiary.

(4) Every person or entity referred in subsection (1) must develop and apply written risk-based policies and procedures for determining, in the case of an electronic funds transfer received by them that, despite reasonable measures taken under paragraph 9.5(b) of the Act, does not have included with it any of the information required under paragraph 9.5(a) of the Act, whether they should suspend or reject the electronic funds transfer and any follow-up measures to be taken.