s 94A

Shell banks

In force

(1)

A shell bank is a corporation that:

(a)

is incorporated in a foreign country; and

(b)

is authorised to carry on banking business in its country of incorporation; and

(c)

does not have a physical presence in its country of incorporation; and

(d)

is not an affiliate of another corporation that:

(i)

is incorporated in a particular country; and

(ii)

is authorised to carry on banking business in its country of incorporation; and

(iii)

has a physical presence in its country of incorporation.

When a corporation has a physical presence in a country

(2)

For the purposes of determining what is a shell bank, a corporation has a physical presence in a country if, and only if:

(a)

the corporation carries on banking business at a place in that country; and

(b)

at least one full‑time employee of the corporation performs banking‑related duties at that place.

When a corporation is affiliated with another corporation

(3)

For the purposes of determining what is a shell bank, a corporation is affiliated with another corporation if, and only if:

(a)

the corporation is a subsidiary of the other corporation; or

(b)

at least one individual controls both corporations; or

(c)

under the regulations, both corporations are taken to be under common control.

32 Section 104

Omit:

• A reporting entity must retain a copy of its anti‑money laundering and counter‑terrorism financing program.

substitute:

• A reporting entity must retain records relating to its AML/CTF program.

33 Subsection 108(4)

Repeal the subsection.

34 Subsection 114B(4)

Repeal the subsection.

35 Division 5 of Part 10

Repeal the Division, substitute:

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