Government of Canada / Gouvernement du Canada
Symbol of the Government of Canada

Search

Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

Version of section 18 from 2021-06-01 to 2024-11-11:


 A life insurance company or life insurance broker or agent that receives an amount of $10,000 or more in cash from a person or entity in a single transaction shall report the transaction to the Centre, together with the information set out in Schedule 1, unless

  • (a) 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; or

  • (b) the transaction

    • (i) involves the sale of an immediate or deferred annuity that is paid for entirely with funds that are directly transferred from a registered pension plan or from a pension plan that is required to be registered under the Pension Benefits Standards Act, 1985, or similar provincial legislation,

    • (ii) involves the sale of a registered annuity policy or a registered retirement income fund,

    • (iii) involves the sale of an immediate or deferred annuity that is paid for entirely with the proceeds of a group life insurance policy, or

    • (iv) is part of a reverse mortgage or structured settlement.

  • SOR/2007-122, s. 31
  • SOR/2016-153, s. 25
  • SOR/2019-240, s. 28

Date modified: