Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

69 (1) Subject to subsection (2), every person or entity that is required to obtain, keep or create records under these Regulations shall retain those records for a period of at least five years following

• (a) in respect of signature cards, account operating agreements, account application forms, credit card applications and records setting out the intended use of the account, the day on which the account to which they relate is closed;

• (a.1) in respect of client credit files that are required to be kept under paragraph 14(i) and records that are required to be kept under paragraph 14(n), 14.1(g) or 23(1)(f), the day on which the account to which they relate is closed;

• (b) in respect of client information records, certificates of corporate status, records that are required to be filed annually under the applicable provincial securities legislation or other similar records that ascertain the existence of a corporation, and records that ascertain the existence of an entity, other than a corporation, including partnership agreements and articles of association, the day on which the last business transaction is conducted;

• (b.1) in respect of client credit files that are required to be kept under paragraph 30(a), records that are required to be kept under section 11.1, paragraph 14(o), subsection 15.1(2) or section 20.1 or 31, lists that are required to be kept under section 32 and records, other than client information records, that are required to be kept under that section, the day on which the last business transaction is conducted; and

• (c) in respect of all other records, the day on which they were created.

(2) Where records that an individual keeps under these Regulations are the property of the individual’s employer or a person or entity with which the individual is in a contractual relationship, the individual is not required to retain the records after the end of the individual’s employment or contractual relationship.