Financial Transactions and Reports Analysis Centre of Canada Assessment of Expenses Regulations

Contents

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, makes the annexed Financial Transactions and Reports Analysis Centre of Canada Assessment of Expenses Regulations under paragraphs 73(1)(k.1) and (l) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.^note^note^note

Definitions

1Definitions#

The following definitions apply in these Regulations.

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

specified report means a report made to the Centre under the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations that is required to contain the information set out in any of Schedules 1 to 4 and 6 to those Regulations. (déclaration visée)

Assessment of Expenses

2Prescribed expenses#

Expenses incurred by the Centre in relation to ensuring compliance with Parts 1 and 1.1 of the Act and in relation to the Centre’s activities under sections 51.1 to 51.3 of the Act are prescribed expenses for the purpose of subsection 51.1(1) of the Act.

3Prescribed persons and entities#

The following persons and entities are prescribed for the purpose of subsection 51.1(3) of the Act:

(a)every bank to which the Bank Act applies and every authorized foreign bank as defined in section 2 of the Bank Act;

(b)every life company or foreign life company to which the Insurance Companies Act applies;

(c)every company to which the Trust and Loan Companies Act applies; and

(d)every person or entity, other than an entity referred to in paragraphs (a) to (c), that made 500 or more specified reports during the fiscal year in which the expenses referred to in subsection 51.1(1) of the Act were incurred.

4Prescribed information#

All information that is required for performing a calculation under these Regulations is prescribed information for the purpose of section 51.3 of the Act.

5Assessment in writing#

An assessment or interim assessment under section 51.1 of the Act must be made in writing.

6Apportionment#

For the purpose of subsection 51.1(3) of the Act, the portion of the expenses incurred in a fiscal year that is to be assessed against a person or entity is to be determined

(a)in the case of an entity referred to in paragraph 3(a), by the formula

(b)in the case of an entity referred to in paragraph 3(b) or (c), by the formula

(c)in the case of a person or entity referred to in paragraph 3(d), by the formula

7Base amount#

(1)The base assessment amount for an entity referred to in any of paragraphs 3(a) to (c) in respect of a fiscal year is the amount determined by the following formula, rounded to the nearest multiple of $10 or, if the result obtained is equidistant from two multiples of $10, to the higher of them:

(2)For the purpose of subsection (1), a reference to the Consumer Price Index for a calendar year is a reference to the average of the all-items Consumer Price Index for Canada, not seasonally adjusted, as published by Statistics Canada under the authority of the Statistics Act, for each month in that year.

8Proportional assessment amount — banks#

(1)The proportional assessment amount for an entity referred to in paragraph 3(a) in respect of a fiscal year is the amount determined by the formula

(2)For the purposes of the descriptions of N and O in subsection (1), if the value of an entity’s assets in Canada is less than 0, the value of that entity’s assets in Canada is deemed to be nil.

9Proportional assessment amount — non-banks#

(1)The proportional assessment amount in respect of a fiscal year for an entity referred to in paragraph 3(b) or (c) that made 500 or more specified reports during that year, or for a person or entity referred to in paragraph 3(d), is the amount determined by the formula

(2)The proportional assessment amount for an entity referred to in paragraph 3(b) or (c) in respect of a fiscal year during which the entity made fewer than 500 specified reports is nil.

10Assets of subsidiaries#

For the purposes of subsection 7(1) and section 8, the value of an entity’s assets in Canada excludes the value of the assets in Canada of any subsidiary of the entity that is itself referred to in any of paragraphs 3(a) to (c).

Coming into Force

*11S.C. 2021, c. 23#

These Regulations come into force on the day on which section 170 of the Budget Implementation Act, 2021, No. 1 comes into force, but if they are registered after that day, they come into force on the day on which they are registered.

Federal laws of Canada reproduced under the Reproduction of Federal Law Order (SI/97-5); not the official version. Source: Justice Laws Website.