94AShell banks

94A  Shell banks

 (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.