- Type of Publication: Letter
- Date: January 29, 2018
- Chief Anti-Money Laundering Officers of
Banks, Foreign Bank Branches, Federally Regulated Trust and Loan Companies, Canadian Life Insurance Companies, Fraternal Benefit Societies, Property & Casualty Insurance Companies and Branches of Foreign Life Insurance Companies, Fraternal Benefit Societies and Property & Casualty Insurance Companies
- Ima Okonny
Director, Regulatory Data Management
Federally regulated financial institutions (FRFIs) have certain obligations under legislation and associated regulations related to Canada’s anti-terrorism financing regime and its economic sanctions regime. In a number of cases, FRFIs are required to report monthly to their principal regulator, which in the case of FRFIs, is OSFI.
Since inception of the regime more than 10 years ago, FRFIs have had the option of mailing or faxing their monthly returns. In an effort to streamline the filing process, OSFI will be requesting that FRFIs begin filing the OSFI 525 and OSFI 590 as unstructured returns via the Regulatory Reporting System (RRS) effective February 2018 (returns due March 15, 2018).
For 2018, the returns will essentially be identical to the current manually filed returns, except that they will now be filed through RRS. OSFI is also planning on converting the returns to a more structured format in 2019. The existing forms (OSFI-525 and OSFI 590) can be found on OSFI’s external website.
At the end of each reporting period, two unstructured financial returns will be created within each FRFI’s RRS Draft Returns Folder. OSFI525 and OSFI590 return (Short or Long Form) will be created based on previously filed returns. The forms will need to be downloaded from OSFI’s website, completed and uploaded as an unstructured attachment within RRS. In order to file these returns, individuals will require the role of “Filer – Financial Returns”. Please contact your Local Registration Authority (LRA) if additional permissions or access to RRS is required.
For any questions about completing or filing the above returns, please contact OSFI’s Returns Administration via email at RA-RRS.Support@osfi-bsif.gc.ca.