His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 73(1) (see footnote a) and paragraphs 73.1(1)(a) and (b) (see footnote b) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (see footnote c), makes the annexed Regulations Amending Certain Regulations Made Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, 2016.
1 (1) Subsection 1(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Suspicious Transaction Reporting Regulations (see footnote 1) is repealed.
(2) The following definitions apply in these Regulations.
(3) The definition money services business in subsection 1(2) of the Regulations is repealed.
1.1 If a registered charity, as defined in subsection 248(1) of the Income Tax Act, conducts and manages, in a permanent establishment of a casino, a lottery scheme that includes games of roulette or card games for a period of not more than two consecutive days at a time and, in doing so, acts under the supervision of the government of a province that is referred to in paragraph 5(k) of the Act, or of an organization that is referred to in paragraph 5(k.2) of the Act, that conducts and manages such a lottery scheme in the same establishment, the lottery scheme that is conducted and managed by the registered charity is considered to be conducted and managed by the supervising government or organization.
(2) For the purposes of subsection (1), an entity is affiliated with another entity if one of them is wholly owned by the other, if both are wholly owned by the same entity or if their financial statements are consolidated.
(e) a child of their mother or father.
(2) For the purposes of the definition politically exposed domestic person in subsection 9.3(3) of the Act, the prescribed period is five years.