Canadian Economic Sanctions
Canada implements sanctions against certain countries under the authority of regulations made under the Special Economic Measures Act. The regulations impose various economic and other sanctions against designated individuals and entities, as well as general prohibitions and restrictions. Federally regulated financial institutions should ensure they are aware of these regulations and have the necessary policies and procedures in place to implement the measures that apply to them. OSFI will not be monitoring changes to lists of designated persons nor issuing reminders of changes to this list. Therefore, financial institutions should ensure that they have monitoring procedures in place to determine whether the Department of Foreign Affairs and International Trade makes any changes to the list of designated persons.