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Proceeds of Crime (Money Laundering) and Terrorist Financing Registration Regulations (SOR/2007-121)

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

Proceeds of Crime (Money Laundering) and Terrorist Financing Registration Regulations

SOR/2007-121

PROCEEDS OF CRIME (MONEY LAUNDERING) AND TERRORIST FINANCING ACT

Registration 2007-06-07

Proceeds of Crime (Money Laundering) and Terrorist Financing Registration Regulations

P.C. 2007-918 2007-06-07

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 Proceeds of Crime (Money Laundering) and Terrorist Financing Registration Regulations.

Interpretation

[SOR/2019-240, s. 81(F)]

 The following definitions apply in these Regulations.

Act

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

financial entity

financial entity has the same meaning as in subsection 1(2) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations. (entité financière)

foreign money services business

foreign money services business means a person or entity referred to in paragraph 5(h.1) of the Act. (entreprise de services monétaires étrangère)

money services business

money services business means a person or entity referred to in paragraph 5(h) of the Act. (entreprise de services monétaires)

  • SOR/2016-153, s. 99(F)
  • SOR/2019-240, s. 82

 For the purposes of subsection 54.1(3) of the Act, identifying information means the information set out in Parts A and C of Schedule 1 and the dates when a person’s or entity’s registration is revoked or expires and when a registered person or entity ceases an activity.

  • SOR/2008-21, s. 20
  • SOR/2008-195, s. 7
  • SOR/2019-240, s. 83
  • SOR/2020-112, s. 18

Prescribed Entities Not Eligible for Registration

  •  (1) A corporation is not eligible for registration with the Centre if its chief executive officer, its president or one of its directors or a person or entity that owns or controls, directly or indirectly, 20% or more of the shares of the corporation is referred to in any of paragraphs 11.11(1)(a) to (d), (e.1) and (f) of the Act.

  • (2) An entity that is not a corporation is not eligible for registration with the Centre if its chief executive officer, its president or one of its directors or a person or entity that owns or controls, directly or indirectly, 20% or more of the entity is referred to in any of paragraphs 11.11(1)(a) to (d), (e.1) and (f) of the Act.

  • SOR/2019-240, s. 84

Applications, Notifications, Clarifications and Supplementary Information

 An applicant or a registered person or entity must submit the following information to the Centre, in accordance with guidelines that are prepared by the Centre, electronically if they have the technical capability to do so or by telephone if they do not:

  • (a) the information contained in an application for registration referred to in section 11.12 of the Act;

  • (b) a notification, referred to in section 11.13 of the Act, of a change to the information contained in an application or of newly obtained information;

  • (c) [Repealed, SOR/2019-240, s. 85]

  • (d) a clarification requested by the Centre under section 11.14 or 11.17 of the Act;

  • (e) the information contained in an application for the renewal of registration referred to in section 11.19 of the Act; and

  • (f) a notification of the cessation of an activity referred to in section 11.2 of the Act.

  • SOR/2019-240, s. 85

 An application referred to in paragraph 4(a) or (e), a notification referred to in paragraph 4(b) and a clarification referred to in paragraph 4(d) must contain the information set out in Schedule 1.

  • SOR/2019-240, s. 86

 A notification referred to in paragraph 4(f) must contain the information set out in Schedule 2.

  • SOR/2019-240, s. 86

 For greater certainty, although items in Schedules 1 and 2 are described in the singular, a person or entity must report all known information that falls within an item.

  • SOR/2019-240, s. 86

Renewal of Registration

 For the purposes of section 11.19 of the Act, when a person or entity that is referred to in paragraph 5(h) of the Act and that is engaged in the business of providing the service referred to in subparagraph 5(h)(iv) of the Act, or a person or entity that is referred to in paragraph 5(h.1) of the Act, renews their registration for the first time, they must do so no later than

  • (a) in the case of a person, the last day of the month of the person’s first birthday that occurs after the second anniversary of their initial registration;

  • (b) in the case of a corporation, the last day of the month of the first anniversary of its incorporation that occurs after the second anniversary of its initial registration; and

  • (c) in the case of an entity other than a corporation, the day after the second anniversary of its initial registration.

  • SOR/2008-21, s. 21
  • SOR/2019-240, s. 87

 [Repealed, SOR/2019-240, s. 87]

 
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