Office of the Superintendent of Financial Institutions
This revised guideline, which comes into effect immediately, sets
out OSFI’s expectations for federally regulated financial institutions
(FRFIs) (except for property and casualty insurance companies, cooperative
credit associations and fraternal benefit associations) with respect
to anti- money laundering (AML) and anti-terrorist financing (ATF)
risk management and compliance controls.
The accompanying Guideline Impact Analysis Statement sets out
the background and reasons for revising this Guideline.
As noted in the accompanying material, it is essential for FRFI’s
to have strong AML/ATF controls in place in order to reduce the
potentially serious risks faced by FRFIs as a result of exposure
to ML and TF activities. We believe this Guideline will assist FRFIs
in mitigating these risks through strengthening their AML/ATF programs.
OSFI would like to express sincere thanks to industry associations
for their valuable input to the preparation of this Guideline. Questions
concerning the implementation of the Guideline should be addressed
to OSFI’s Compliance Division.