Deterring and Detecting Money Laundering and Terrorist Financing

Document Properties

  • Type of Publication: Letter
  • Date: December 22, 2008
  • Reference: Guideline for Banks / FBB / T&L / Life
  • To:
    • Banks
    • Foreign Bank Branches
    • Federally Regulated Trust and Loan Companies
    • Federally Regulated Life Insurance Companies

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.

  • Robert Hanna
  • Assistant Superintendent
  • Regulation Sector