Regulations Implementing the United Nations Resolutions on Iran (RIUNRI) – Changes to Consolidated List

Document Properties

  • Type of Publication: Notice
  • Date: February 5, 2016

This notice is directed to the attention of all banks, authorized foreign banks, trust and loan companies, cooperative credit societies, life insurance companies, property and casualty insurance companies and fraternal benefit societies.

On July 20, 2015, the United Nations Security Council (UNSC) adopted Resolution 2231 which included, among other things, the removal of twenty individuals and seventeen entities from its Consolidated List of Individuals and Entities. Implementation of this Resolution occurred on January 16, 2016.

Details of the amendments are contained on the Resolution 2231 page found on the United Nations website. The list of the individuals and entities removed can be found on page 104 of Resolution 2231.

The Consolidated List can be found using the following link:
https://www.un.org/sc/suborg/en/sanctions/un-sc-consolidated-list

The tables posted on the OSFI Web site have been updated to incorporate the amendments, which have been bolded for ease of reference.

The RIUNRI require every Canadian financial institution and foreign branch operating in Canada to review its records on a continuing basisFootnote 1 for the names of individuals and entities covered by the RIUNRI (designated Persons) and:

  • Report immediately to the RCMP and CSIS (contact details below) any property of a Designated Person in its possession or control that has been frozen; and
  • report monthly to the relevant regulator which, in the case of federally regulated financial institutions, is the Office of the Superintendent of Financial Institutions (OSFI) on the aggregated value of frozen property in its possession.

Please note that, with respect to RIUNRI, on February 5, 2016 the Governor in Council made a further amendment to the Regulations under the United Nations Act. The amendment came into effect on February 5, the date on which it was registered and will be published in the Canada Gazette at a future date. Further details on the amendment can be found on the Canadian Sanctions Related to Iran page on the Global Affairs Canada website.

Any findings based on the amendments to the list should be included in the report due by March 15, 2016.

RCMP/CSIS contact information:

RCMP
Anti-terrorist Financing Team
Unclassified fax: (613) 825-7030

CSIS
Financing Unit
Unclassified fax: (613) 231-0266

In addition, institutions reporting frozen property or assets to the RCMP and CSIS that are also reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act are reminded that they are required to submit Terrorist Property Reports to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). For instructions related to the preparation and submission of Terrorist Property reports, please refer to the FINTRAC Web site at: http://www.fintrac.gc.ca/publications/guide/Guide5/5-eng.asp

For assistance in complying with your reporting requirements or to receive hard copies of notices, lists or OSFI reporting forms, please contact OSFI by e-mail: information@osfi-bsif.gc.ca.

This Notice is also being sent to the following for their information:

  • Provincial Regulators and Supervisors;
  • Canadian Association of Direct Response Insurers;
  • Canadian Bankers Association;
  • Canadian Fraternal Association;
  • Canadian Life and Health Insurance Association;
  • Canadian Securities Administrators;
  • Credit Union Central of Canada;
  • Insurance Bureau of Canada;
  • Investment Industry Regulatory Organization of Canada;
  • Trust Companies Association of Canada.

Footnotes

Footnote 1

OSFI interprets "review its records on a continuing basis" as a full search of the financial institution's records at least weekly, and more frequently as necessary.

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