Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism

Version of section 7 from 2006-03-22 to 2006-06-22:

  •  (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

    • (a) that it is not in possession or control of any property referred to in subsection (1); or

    • (b) if it is in possession or control of such property, the number of persons, contracts or accounts involved and the total value of the property.

  • (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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