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

6 (1) Subject to subsection (2), every accountant and every accounting firm is subject to Part 1 of the Act when they

• (a) engage in any of the following activities on behalf of any person or entity, namely,

  • (i) receiving or paying funds,

  • (ii) purchasing or selling securities, real property or business assets or entities, or

  • (iii) transferring funds or securities by any means;

• (b) give instructions on behalf of any person or entity in respect of any activity referred to in paragraph (a); or

• (c) receive professional fees in respect of any activity referred to in paragraph (a) or in respect of any instructions referred to in paragraph (b).

(2) Subsection (1) does not apply in respect of an accountant when they engage in any of the activities referred to in paragraph (1)(a), (b) or (c) on behalf of their employer.

(3) For greater certainty, subsection (1) does not apply in respect of audit, review or compilation engagements carried out in accordance with the recommendations set out in the CICA Handbook.