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

Marginal note:Duty to determine

• 7 (1) Each of the entities set out in subsection (2) must determine on a continuing basis whether they are in possession or control of property owned, held or controlled by or on behalf of

  • (a) a person associated with the Taliban; or

  • (b) a person associated with ISIL (Da’esh) or Al-Qaida.

• Marginal note:Entities

  (2) The entities are:

  • (a) authorized foreign banks, as defined in section 2 of the Bank Act, in respect of their business in Canada, and banks regulated by that Act;

  • (b) a 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 activities in Canada;

  • (d) companies, provincial companies and societies, as those terms are 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 regulated by a provincial Act that are engaged in the business of insuring risks;

  • (f) companies regulated by the Trust and Loan Companies Act;

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

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

  • (i) entities that engage in any activity referred to in paragraph 5(h) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act if the activity involves the opening of an account for a client; and

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