3205. Prohibition on shell banks

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    1. A Dealer Member must not open or maintain an account for a shell bank, which is defined as a bank that does not have a physical presence in any country. 
    2. Subsection 3205(1) does not apply to a bank that is an affiliate of a bank, loan or trust company, credit union, or other depository institution with a physical presence in Canada or in a foreign country in which the institution is subject to supervision by a banking or other similar regulatory authority.

    There is no history log for this rule.

    There is no history log for this rule.