Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism
7 (1) Every Canadian financial institution within the meaning of section 2 of the Bank Act must determine on a continuing basis whether it is in possession or control of property owned or controlled by or on behalf of a listed person.
(2) Every financial institution referred to in subsection (1) must report monthly to the principal agency or body that supervises or regulates it under federal or provincial law
(3) This section also applies to an authorized foreign bank, within the meaning of section 2 of the Bank Act, in respect of their business in Canada and to a foreign company, within the meaning of subsection 2(1) of the Insurance Companies Act, in respect of their business in Canada.
- SOR/2001-441, s. 2.
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