Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

47 (1) An accountant or accounting firm is engaged in a business or profession for the purposes of paragraph 5(j) of the Act when, on behalf of a person or entity, they

• (a) receive or pay funds or virtual currency;

• (b) purchase or sell securities, real property or immovables or business assets or entities;

• (c) transfer funds, virtual currency or securities by any means; or

• (d) give instructions in connection with an activity referred to in any of paragraphs (a) to (c).

(2) For greater certainty, the activities in subsection (1) do not include activities that are carried out in the course of an audit, a review or a compilation engagement within the meaning of the CPA Canada Handbook prepared and published by the Chartered Professional Accountants of Canada, as amended from time to time.

(3) Subsection (1) does not apply to an accountant who is acting in the capacity of an employee or of a person who either is authorized by law to carry on the business of — or to monitor the business or financial affairs of — an insolvent or bankrupt person or entity or is authorized to act under a security agreement.