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

7.1 (1) Every real estate developer is subject to Part 1 of the Act when

• (a) in the case of a person or of an entity other than a corporation, they sell to the public a new house, a new condominium unit, a new commercial or industrial building or a new multi-unit residential building; and

• (b) in the case of an entity that is a corporation, they sell to the public a new house, a new condominium unit, a new commercial or industrial building or a new multi-unit residential building on their own behalf or on behalf of a subsidiary or affiliate.

(2) For the purpose of subsection (1), an entity is affiliated with another entity if one of them is wholly-owned by the other or both are wholly-owned by the same entity.