Access to Basic Banking Services Regulations
P.C. 2003-765 2003-05-29
Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsections 448.1(3)Footnote a and 458.1(2)Footnote b and section 459.4Footnote c of the Bank ActFootnote d, hereby makes the annexed Access to Basic Banking Services Regulations.
Definition of “Act”
OPENING OF RETAIL DEPOSIT ACCOUNTS
Definition of “point of service”
2. (1) For the purpose of subsection 448.1(1) of the Act, “point of service” means a physical location to which the public has access and at which a member bank carries on business with the public and opens or initiates the opening of retail deposit accounts through natural persons in Canada.
Marginal note:Prescribed “points of service”
(2) Every point of service is a prescribed point of service for the purpose of subsection 448.1(1) of the Act.
- SOR/2009-49, s. 1.
Marginal note:Refusal to open account
3. (1) Subject to subsection (2), subsection 448.1(1) of the Act does not apply in the following circumstances:
(a) if the member bank has reasonable grounds to believe that the retail deposit account will be used for illegal or fraudulent purposes;
(b) if the individual has a history of illegal or fraudulent activity in relation to providers of financial services and if the most recent instance of such activity occurred less than seven years before the day on which the request to open a retail deposit account is made;
(c) if the member bank has reasonable grounds to believe that the individual, for the purpose of opening the retail deposit account, knowingly made a material misrepresentation in the information provided to the member bank;
(d) if the member bank has reasonable grounds to believe that it is necessary to refuse to open the retail deposit account in order to protect the customers or employees of the member bank from physical harm, harassment or other abuse; or
(e) if the request is made at a branch or point of service of a member bank at which the only retail deposit accounts offered are those that are linked to an account at another financial institution.
(2) For greater certainty and for the purpose of paragraph (1)(a), the fact that the individual is or has been a bankrupt does not, by itself without any evidence of fraud or any other illegal activity in relation to the bankruptcy, constitute reasonable grounds for a member bank to believe that an account for the individual will be used for illegal or fraudulent purposes.
(3) If an individual requests the opening of a retail deposit account at a point of service at which the opening of such an account can only be initiated, the member bank is not required to open the account at that physical location; however, the bank shall, subject to these Regulations, open the account at another physical location.
Marginal note:Conditions to be met
4. (1) Subject to subsection (2) and for the purpose of subsection 448.1(1) of the Act, the conditions to be met by an individual who is requesting that a member bank open a retail deposit account for the individual are as follows:
(a) the individual shall present to the member bank
(i) two pieces of identification from among those set out in Part A or B of the schedule at least one of which is from among those set out in Part A of the schedule, or
(ii) one piece of identification from among those set out in Part A of the schedule, if the identity of the individual is also confirmed by a client in good standing with the member bank or by an individual of good standing in the community where the member bank is situated;
(b) the individual shall disclose, orally or in writing, the information listed in Part C of the schedule if the information is not available on the pieces of identification presented by the individual;
(c) if the member bank requests, the individual shall consent to the member bank’s verifying whether any of the circumstances set out in paragraphs 3(1)(a) to (d) apply to the individual, and to the member bank’s verifying the pieces of identification presented by the individual; and
(d) if the member bank is a federal credit union and if it so requests, the individual shall become a member of the bank.
Marginal note:Where bank suspects misrepresentation
(2) If the member bank, based on its verification of the circumstances set out in paragraphs 3(1)(a) to (d) or the pieces of identification, or based on information, if any, provided by the individual that is related to the request, has reasonable grounds to suspect that the individual is misrepresenting their identity, the individual shall present to the member bank one piece of identification from among those set out in Part A of the schedule that bears the individual’s photograph and signature.
- SOR/2012-269, s. 13.
- Date modified: