Compliance: Anti-money Laundering and Terrorist Financing

The Office of the Superintendent of Financial Institutions (OSFI) began publishing lists of names on its website in 2003 to assist federally regulated financial institutions (FRFIs) in meeting their obligations to conduct monthly reporting in relation to new legislation and associated regulations.

Given that the lists are also available from other public sources, OSFI has ceased publication of lists of designated persons. OSFI expects FRFIs to continue to meet all legal obligations on an ongoing basis.

On May 10, 2019, OSFI issued a letter noting that the amendment of five regulations under Canada's Sanctions Regime removed the monthly reporting requirement to regulators for FRFIs to determine whether they are in possession or control of property owned or controlled by or on behalf of listed persons.

FRFIs are currently still required to report to OSFI in respect of names that appear on the following lists:

Public Safety Canada maintains information on Listed Terrorist Entities designated under the Regulations Establishing a List of Entities.

OSFI has amended the reporting forms and associated instructions to reflect these regulatory changes, and FRFIs must continue to complete the forms in the Regulatory Reporting System on a monthly basis.

Further information on the Canadian sanctions regime may obtained from Global Affairs Canada on their Types of Sanctions webpage. Global Affairs Canada also maintains a webpage devoted to Listed Persons.

Assessment of Inherent Risks of Money Laundering and Terrorist Financing in Canada (External link – Department of Finance)