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Cross-border Currency and Monetary Instruments Reporting Regulations (SOR/2002-412)

Regulations are current to 2020-07-28 and last amended on 2020-06-01. Previous Versions

Cross-border Currency and Monetary Instruments Reporting Regulations

SOR/2002-412

PROCEEDS OF CRIME (MONEY LAUNDERING) AND TERRORIST FINANCING ACT

Registration 2002-11-21

Cross-border Currency and Monetary Instruments Reporting Regulations

C.P. 2002-1945 2002-11-21

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 73(1)Footnote a of the Proceeds of Crime (Money Laundering) and Terrorist Financing ActFootnote b, hereby makes the annexed Cross-border Currency and Monetary Instruments Reporting Regulations.

Interpretation

  •  (1) The following definitions apply in the Act and these Regulations.

    courier

    courier means a commercial carrier that is engaged in scheduled international transportation of shipments of goods other than goods imported or exported as mail. (messager)

    monetary instruments

    monetary instruments means the following instruments in bearer form or in such other form as title to them passes on delivery, namely,

    • (a) securities, including stocks, bonds, debentures and treasury bills; and

    • (b) negotiable instruments, including bank drafts, cheques, promissory notes, travellers’ cheques and money orders, other than warehouse receipts or bills of lading.

    For greater certainty, this definition does not apply to securities or negotiable instruments that bear restrictive endorsements or a stamp for the purposes of clearing or are made payable to a named person and have not been endorsed. (effets)

  • (2) The following definitions apply in these Regulations.

    Act

    Act means the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. (Loi)

    cargo ship

    cargo ship means a commercial vessel that is engaged in international transportation of shipments of goods other than goods imported or exported as mail. (navire de charge)

    commercial passenger conveyance

    commercial passenger conveyance means a conveyance that is used to carry passengers who have paid for passage. (moyen de transport commercial de passagers)

    conveyance

    conveyance means any vehicle, aircraft or water-borne craft, or other contrivance that is used to move persons, goods, currency or monetary instruments. (moyen de transport)

    cruise ship

    cruise ship means a commercial vessel that has sleeping facilities for over 70 persons who are not crew members but does not include a vessel engaged in passenger or cargo ferry service. (navire de croisière)

    currency

    currency means coins referred to in section 7 of the Currency Act, notes issued by the Bank of Canada under the Bank of Canada Act that are intended for circulation in Canada or coins or bank notes of countries other than Canada. (espèces)

    emergency

    emergency means a medical emergency, fire, flood or other disaster that threatens life, property or the environment. (urgence)

    non-commercial passenger conveyance

    non-commercial passenger conveyance means a conveyance that does not have aboard any person who has paid for passage and includes corporate aircraft, private aircraft and marine pleasure craft. (moyen de transport non commercial de passagers)

    transfer agent

    transfer agent means a person or entity appointed by a corporation to maintain records of stock, debenture and bond owners, to cancel and issue certificates and to send out dividend cheques. (agent de transfert)

  • SOR/2003-358, s. 25
  • SOR/2019-240, s. 50

Reporting of Importations and Exportations

Minimum Value of Currency or Monetary Instruments

  •  (1) For the purposes of subsection 12(1) of the Act, the prescribed amount is $10,000.

  • (2) The amount is in Canadian dollars, or in its equivalent in a foreign currency using

    • (a) the exchange rate that is published by the Bank of Canada for that foreign currency and that is in effect at the time of the importation or exportation; or

    • (b) if no exchange rate is published by the Bank of Canada for that foreign currency, the exchange rate that the person or entity would use in the ordinary course of business at the time of the importation or exportation.

  • SOR/2019-240, s. 51

Manner of Reporting

[SOR/2019-240, s. 52(E)]

 Subject to subsections 4(3) and (3.1) and section 8, a report with respect to the importation or exportation of currency or monetary instruments shall

  • (a) be made in writing;

  • (b) contain the information referred to

    • (i) in Schedule 1, in the case of a report made by the person described in paragraph 12(3)(a) of the Act, if that person is not transporting on behalf of an entity or other person,

    • (ii) in Schedule 2, in the case of a report made by the person described in paragraph 12(3)(a) of the Act, if that person is transporting on behalf of an entity or other person,

    • (iii) in Schedule 2, in the case of a report made by the person or entity described in paragraph 12(3)(b), (c) or (e) of the Act, and

    • (iv) in Schedule 3, in the case of a report made by the person described in paragraph 12(3)(d) of the Act;

  • (c) contain a declaration that the statements made in the report are true, accurate and complete; and

  • (d) be signed and dated by the person or entity described in paragraph 12(3)(a), (b), (c), (d) or (e) of the Act, as applicable.

  • SOR/2002-412, s. 19
  • SOR/2019-240, s. 53

 For greater certainty, although items in Schedules 1 to 3 are described in the singular, a person or entity shall report all known information that falls within an item.

  • SOR/2019-240, s. 54

Importation Reporting

  •  (1) Subject to subsections (2) to (5) and section 9, a report with respect to currency or monetary instruments transported by a person arriving in Canada shall be submitted without delay by the person at the customs office located at the place of importation or, if it is not open for business at the time of importation, at the nearest customs office that is open for business at that time.

  • (2) A report with respect to currency or monetary instruments transported by a person arriving in Canada on board a commercial passenger conveyance who has as their destination another place in Canada at which there is a customs office may be submitted without delay by the person at that customs office or, if it is not open for business at the time of importation, at the nearest customs office that is open for business at that time, on condition that

    • (a) the person does not disembark from the conveyance at the place of arrival in Canada and the currency or monetary instruments are not removed from the conveyance at that place, other than to be transferred under customs control directly to a commercial passenger conveyance for departure to the other place in Canada or directly to a holding area designated as such for the purposes of the Presentation of Persons (Customs) Regulations; and

    • (b) if the person and currency or monetary instruments are transferred under customs control directly to a designated holding area, the person does not leave and the currency or monetary instruments are not removed from that area, other than to board or to be loaded on board a commercial passenger conveyance for departure to the other place in Canada.

  • (3) A report with respect to currency or monetary instruments transported by a person arriving in Canada on board a non-commercial passenger conveyance at a customs office where, under the Customs Act, customs reporting may be done by radio or telephone may be submitted by radio or telephone to an officer by that person or the person in charge of the conveyance at that location, on condition that

    • (a) when the person informs the officer of their arrival for the purposes of section 11 of the Customs Act, they provide the information referred to in Schedule 1, 2 or 3, as applicable; and

    • (b) on the officer’s request, they present themselves and make available for examination the currency or monetary instruments at the time and place specified by the officer.

  • (3.1) A report with respect to currency or monetary instruments transported by a person arriving in Canada on board a non-commercial passenger conveyance, at a customs office where the person is authorized in accordance with the Presentation of Persons (2003) Regulations to present in an alternative manner, may be submitted to an officer by telephone, by that person or the person in charge of the conveyance before arriving in Canada, on condition that

    • (a) when the person informs the officer of their arrival for the purposes of section 11 of the Customs Act, they provide the information referred to in Schedule 1, 2 or 3, as applicable; and

    • (b) on the officer’s request, they present themselves and make available for examination the currency or monetary instruments on arrival in Canada at the time and place specified by the officer.

  • (4) A report with respect to currency or monetary instruments transported by a freight train crew member arriving in Canada on board the freight train shall be submitted without delay by the crew member at the customs office specified by the officer when the crew member presents himself or herself in accordance with section 11 of the Customs Act.

  • (5) A report with respect to currency or monetary instruments that are transported by courier into Canada on board an aircraft and that have as their destination another place in Canada at which there is a customs office, shall be submitted at the customs office located at the airport of destination shown on the air waybill, on condition that

    • (a) the currency or monetary instruments are not removed from the aircraft at the place of arrival, other than to be transferred under customs control directly to a holding area designated as such for the purposes of the Presentation of Persons (Customs) Regulations; and

    • (b) if the currency or monetary instruments are transferred under customs control directly to a designated holding area, they are not removed from that area, other than to be loaded on board an aircraft for departure to the other place in Canada.

  • SOR/2002-412, s. 20
 
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