Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

95 (1) A money services business — or a foreign money services business in connection with services that they provide in Canada — shall, in accordance with section 105, verify the identity of a person who

• (a) requests that they issue or redeem money orders, traveller’s cheques or similar negotiable instruments in an amount of $3,000 or more;

• (a.1) requests that they transmit an amount of $1,000 or more in funds, other than in the case of an electronic funds transfer;

• (b) requests that they initiate an electronic funds transfer of $1,000 or more;

• (c) requests that they exchange an amount of $3,000 or more in a foreign currency exchange transaction;

• (c.1) requests that they transport an amount of $1,000 or more in cash or virtual currency within the meaning of paragraph (b) of the definition of that term in subsection 1(2) or an amount of $3,000 or more in money orders, traveller’s cheques or other similar negotiable instruments;

• (d) requests that they transfer an amount of $1,000 or more in virtual currency;

• (e) requests that they exchange an amount of $1,000 or more in a virtual currency exchange transaction;

• (e.1) is a beneficiary of an amount of $1,000 or more in funds, to whom they make the remittance, other than in the case of an electronic funds transfer;

• (f) is a beneficiary of an international electronic funds transfer of $1,000 or more, or of a transfer of an amount of $1,000 or more in virtual currency, to whom they make the remittance;

• (g) is a person in respect of whom they are required to keep an information record under paragraph 36.1(a); or

• (h) donates an amount of $1,000 or more in funds or virtual currency using a crowdfunding platform that is provided and maintained by the money services business or foreign money services business.

(2) Paragraphs (1)(a) to (e) do not apply if an employee who is authorized to order transactions under an agreement referred to in section 37 conducts the transaction on behalf of their employer under the agreement.

(3) A money services business — or foreign money services business in connection with services that they provide in Canada — shall, in accordance with section 109, verify the identity of a corporation

• (a) that requests that they transport an amount of $1,000 or more in cash or virtual currency within the meaning of paragraph (b) of the definition of that term in subsection 1(2) or an amount of $3,000 or more in money orders, traveller’s cheques or other similar negotiable instruments;

• (a.1) in respect of which they are required to keep an information record under paragraph 36.1(a);

• (b) in respect of which they are required to keep an information record under section 37; or

• (c) that donates an amount of $1,000 or more in funds or virtual currency using a crowdfunding platform that is provided and maintained by the money services business or foreign money services business.

(4) A money services business — or foreign money services business in connection with services that they provide in Canada — shall, in accordance with section 112, verify the identity of an entity, other than a corporation,

• (a) that requests that they transport an amount of $1,000 or more in cash or virtual currency within the meaning of paragraph (b) of the definition of that term in subsection 1(2) or an amount of $3,000 or more in money orders, traveller’s cheques or other similar negotiable instruments;

• (a.1) in respect of which they are required to keep an information record under paragraph 36.1(a);

• (b) in respect of which they are required to keep an information record under section 37; or

• (c) that donates an amount of $1,000 or more in funds or virtual currency using a crowdfunding platform that is provided and maintained by the money services business or foreign money services business.

(5) Subsections (3) and (4) do not apply if the entity is

• (a) a public body;

• (b) a corporation or trust that has minimum net assets of $75 million on its last audited balance sheet, whose shares or units are traded on a Canadian stock exchange or a stock exchange designated under subsection 262(1) of the Income Tax Act and that operates in a country that is a member of the Financial Action Task Force; or

• (c) a subsidiary of a public body referred to in paragraph (a) or a corporation or trust referred to in paragraph (b), whose financial statements are consolidated with the financial statements of the public body, corporation or trust.