Proceeds of Crime (Money Laundering) and Terrorist Financing Suspicious Transaction Reporting Regulations

The Proceeds of Crime (Money Laundering) and Terrorist Financing Suspicious Transaction Reporting Regulations, made under the Proceeds of Crime (Money Laundering) Act, came into effect on August 28, 2001. The Regulations were published in the Canada Gazette, Part I, on February 17, 2001, providing a reasonable opportunity for interested persons to make representations to the Minister of Finance.

The Regulations set out definitions and requirements for financial institutions to report suspicious transactions or attempted transactions related to money laundering or terrorist financing. A person or entity must report information that indicates a reasonable grounds to suspect that the transaction or attempted transaction is related to a money laundering offence or terrorist activity financing offence.

The report must contain specific information about the reporting person or entity, the transaction or attempted transaction, and any other relevant details. The report is sent electronically if possible, and a paper copy is kept for at least five years after it is sent. The Regulations also prescribe designated information that must be included in reports to facilitate monitoring and analysis.

The regulations aim to prevent money laundering and terrorist financing by requiring financial institutions to report suspicious transactions and providing a framework for the reporting of such activities.