Government of Canada / Gouvernement du Canada
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Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

Version of section 56.1 from 2017-06-17 to 2021-05-31:

 Subject to section 56.2 and subsections 62(2) and 63(5), a life insurance company or life insurance broker or agent shall, in accordance with subsection 67.2(5), take reasonable measures to determine whether a person who makes a lump-sum payment of $100,000 or more in respect of an immediate or deferred annuity or life insurance policy on their own behalf or on behalf of a third party is a politically exposed foreign person, a politically exposed domestic person, a head of an international organization or a family member of, or person who is closely associated with, one of those persons.

  • SOR/2007-122, s. 53
  • SOR/2016-153, s. 42

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