Partners and counterparts
Domestic
OSFI Act establishes the Financial Institutions Supervisory Committee (FISC) for coordination on supervisory and regulatory matters. The Superintendent chairs the meeting and members include:
- the Governor of the Bank of Canada
- the Deputy Minister of Finance
- the President and Chief Executive Officer (CEO) of the Canada Deposit Insurance Corporation
- the Commissioner of the Financial Consumer Agency of Canada
While a close partner, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is not a member of this committee. FINTRAC and OSFI share some information regarding the supervision of institutions, and compliance-related information.
| FINTRAC | OSFI | |
|---|---|---|
| Mandate | Canada's financial intelligence unit and anti-money laundering and anti-terrorist financing supervisor. FINTRAC helps to combat money laundering, terrorist activity financing, sanctions evasion and threats to the security of Canada. | Canada’s prudential regulator and supervisor of most banks, federal insurance companies, and trust and loans companies. Its role is to determine whether they are in sound financial condition. |
| Role |
Ensures compliance with requirements under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), including financial entities, securities dealers, life insurance companies, brokers and agents, casinos, money services businesses, and real estate brokers and sales representatives, among others. FINTRAC is the primary agency responsible for conducting anti-money laundering and anti-terrorist financing assessments of federally regulated financial institutions and ensuring their compliance with the PCMLTFA. |
Established to protect depositors, policyholders, financial institution creditors, and pension plan members, while allowing financial institutions to compete and take reasonable risks. |
| How OSFI and FINTRAC work togetherTable footnote * |
FINTRAC discloses financial intelligence to OSFI where there are reasonable grounds to suspect that the information would be relevant to threats to the security of Canada and that the information is relevant to the exercise of the powers or performance of the duties and functions of the Superintendent of OSFI. FINTRAC also can share with OSFI strategic intelligence related to money laundering, terrorist activity financing, sanctions evasion and the financing of threats to the security of Canada. |
When FINTRAC determines that a financial institution fails to meet its regulatory compliance requirements of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, OSFI is informed and takes action because it could indicate weakness in a financial institution’s risk control environment or corporate culture. Based on FINTRAC’s information, OSFI will undertake supervisory examinations to verify that the institution has effective corporate governance, appropriate regulatory compliance management and oversight of culture risks in place. |
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Table footnotes
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International
International organizations play a key role in the development of regulatory frameworks. They create a strong and stable global financial system. These organizations include:
- the Financial Stability Board
- the Basel Committee on Banking Supervision
- the International Association of Insurance Supervisors
OSFI’s International counterparts
| Minister of Finance Counterpart | Superintendent Counterpart | |
|---|---|---|
| United States |
Secretary of the Treasury |
Vice Chair for Supervision, Board of Governors of the Federal Reserve System
Comptroller of the Currency, |
| United Kingdom |
Chancellor of the Exchequer, |
Deputy Governor for Prudential Regulation and Chief Executive Officer of the Prudential Regulation Authority, |
| Australia |
Minister of Finance, |
Australian Prudential Regulation Authority Chair, |