Regulations Implementing the United Nations Resolutions on Taliban, ISIL (Da’esh) and Al-Qaida

5.1 (1) Each of the following entities must determine on a continuing basis whether it is in possession or control of property owned or controlled by or on behalf of a person associated with the Taliban or a person associated with Al-Qaida:

• (a) authorized foreign banks, as defined in section 2 of the Bank Act, in respect of their business in Canada, or banks to which that Act applies;

• (b) cooperative credit societies, savings and credit unions and caisses populaires regulated by a provincial Act and associations regulated by the Cooperative Credit Associations Act;

• (c) foreign companies, as defined in subsection 2(1) of the Insurance Companies Act, in respect of their insurance business in Canada;

• (d) companies, provincial companies and societies, as defined in subsection 2(1) of the Insurance Companies Act;

• (e) fraternal benefit societies regulated by a provincial Act in respect of their insurance activities and insurance companies and other entities engaged in the business of insuring risks that are regulated by a provincial Act;

• (f) companies to which the Trust and Loan Companies Act applies;

• (g) trust companies regulated by a provincial Act;

• (h) loan companies regulated by a provincial Act; and

• (i) entities authorized under provincial legislation to engage in the business of dealing in securities, or to provide portfolio management or investment counselling services.

(2) Every entity referred to in subsection (1) must report monthly, to the principal agency or body that supervises or regulates it under federal or provincial law, either

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

• (b) that it is in possession or control of that property, in which case it must report the number of persons, contracts or accounts involved and the total value of the property.

(3) No person contravenes subsection (2) by making a report in good faith under that subsection.