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ARTICLE · 05 JUNE 2019

Federal Government Makes Amendments To Monthly Sanction Reporting Requirements

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On March 4, 2019, the federal government published amendments to certain regulations under the United Nations Act and the Special Economic Measures Act. Previously,

CanadaFinance and Banking
Milos Barutciski
Milos Barutciski
Robert Dawkins
Robert Dawkins
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On March 4, 2019, the federal government published amendments to certain regulations under the United Nations Act and the Special Economic Measures Act. Previously, these regulations required certain financial services, insurance and securities dealers to file monthly reports to their primary regulator disclosing whether they were in possession or control of any property owned, held or controlled by or on behalf of a listed person, including:

  1. banks
  2. credits unions
  3. other federally regulated financial institutions
  4. trust companies
  5. loan companies
  6. money services businesses; and
  7. securities dealers, including entities that provide portfolio management or investment counselling services

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