- Type of Publication: Letter
- Date: December 17, 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.
In January 2018, OSFI communicated that the OSFI-525 and OSFI-590 forms were to be filed through RRS, but that we would be moving to a new structured format for 2019. As such, effective January 2019, FRFIs are to file structured returns (due February 15, 2019).
At the end of each reporting period, two financial returns will be created within each FRFI’s RRS Draft Returns Folder as follows: 525 – Designated Persons Reporting Form and 590 – Designated Persons Reporting Forms. The same form applies whether you are completing the long or short form. Within the structured return, you will be asked to select the type of report you are submitting, a “Positive” or “Nil” report, upon which the applicable form will appear. For further details on how to fill in and submit your filings, please consult the OSFI-525 and OSFI-590 instructions.
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.