Who Must Report Suspicious Transactions?

* If you are an agent of the Crown (i.e., a Department or agent of her Majesty in right of Canada or of a province), you are subject to this when you sell or redeem money orders, such as Canada Post for example, or when you accept deposit liabilities in the course of providing financial services to the public. * If you are an accountant or an accounting firm, you are subject to this when you receive professional fees to engage in any of the following activities on behalf of any person or entity (other than your employer), or to give instructions in respect of those activities on behalf of any person or entity (other than your employer): - receiving or paying funds; - purchasing or selling securities, real property or business assets or entities; or - transferring funds or securities by any means. These accountant activities do not include audit, review or compilation work carried out according to the recommendations in the Canadian Institute of Chartered Accountants (CICA) Handbook. * If you are a real estate broker or sales representative, you are subject to this when you engage in any of the following activities on behalf of any person or entity in the course of a real estate transaction: - receiving or paying funds; - depositing or withdrawing funds; or - transferring funds by any means. * If you are a casino authorized to do business in Canada, you are subject to this if roulette or card games are carried on in your establishment, or if your establishment has a slot machine. In this context, a slot machine does not include a video lottery terminal. If you are a registered charity, you may be authorized to do business only temporarily as a casino for charitable purposes. If this is your situation, and you carry on business in the casino for two consecutive days or less under the supervision of an employee of the casino, you are not subject to this. Rest here http://www.canafe.gc.ca/publications/guide/Guide2/2_e.asp#221 Rearguard writes: Many of us may not realize that the government mandates by law that your banker, accountant, or real estate broker must inform the government if you make financial transactions that are subjectively deemed to be "suspicious". Failure to report suspicious transactions can result in up to 5 years of imprisonment. If you have been spied on, you will never know about it because there's no warrant necessary for this to happen, and by law, the person who spied on you is not allowed by law to tell you about it. Some law firms now perform accounting duties for their clients because lawyers are exempt from the mandatory spying law. [Editors note - Part 1 is Here: http://www.vivelecanada.ca/article.php/20060821142135801 DrC] [Proofreader's note: this article was edited for spelling and typos on August 23, 2006]

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