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

• (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.