However, a FRFI whose business is officially in "run-off" (for example, where a FRFI is not accepting new business but is servicing existing relationships or clients) must continue the searching.In the event that Designated Persons are removed from official lists, FRFIs need not continue to search for such names, since the sanctions no longer apply to these individuals and entities.Legislation comparable to the regulations enacted under the UN Act and the Criminal Code may be in effect in other jurisdictions where FRFIs may have branch operations. OFSI is part of HM Treasury . Where applicable, values reported to FINTRAC in Terrorist Property Reports must also be the same.FRFIs must use OSFI 590 to report the results of their internal searches for property of Designated Persons under the Laws concerning specific countries.

FRFIs may wish to refer affected clients to DFAIT.The Laws require FRFIs to immediately disclose to the RCMP and CSIS the existence of property in their possession or control that they have reason to believe is owned or controlled by or on behalf of a Designated Person. Similarly, an individual or entity on the FRFI's records may be a Designated Person even where the names do not match fully. In order to facilitate the application of financial sanctions, the European Banking Federation, the European Savings Banks Group, the European Association of Co-operative Banks, the European Association of Public Banks ("the EU Credit Sector Federations") and the European Commission recognised the need for an EU consolidated list of persons, groups and entities subject to financial sanctions … A FRFI that changes a property value or other information in a report to OSFI from one month to another must disclose that change to the RCMP and CSIS also, and vice versa.Examples of property values that should be reported on Forms OSFI 525 and OSFI 590 include,A FRFI that has officially closed for business and transferred all existing client business (for example, the Canadian branch of a foreign institution seeking regulatory approval to exit Canada) will not need to file Forms OSFI 525 or OSFI 590 for the months after the month in which all clients were transferred from the FRFI.

View as PDF (1.06 MB); … OSFI also maintains on its Web site up-to-date lists of Designated Persons named by the Laws that require the types of control measures outlined above.This Instruction Guide does not impose additional compliance requirements. Where applicable, values reported to FINTRAC in Terrorist Property Reports must also be the same. Some, particularly larger, FRFIs search their records on a daily basis. In the interests of ensuring that FRFIs receive notice of required actions as soon as possible, OSFI notifies FRFIs of the Laws as they are enacted and amended, through its Web site. This obligation requires FRFIs to search their records on a continuing basis for Designated Persons.Since there is no legislative definition of "on a continuing basis", FRFIs must decide for themselves what this requirement means. The Laws also require a "nil" report to be filed if no property is held.FRFIs must file two forms each month: A Form 525 and a Form 590. The FRFI should also correct the error in its monthly report to OSFI.To ensure that prohibited transactions are prevented, FRFIs are encouraged to implement appropriate transaction monitoring and screening processes to the extent reasonably possible. Sanctions Compliance: Monthly ML/TF Reporting Requirements. Consolidated Canadian Autonomous Sanctions List. OSFI recommends that FRFIs interpret "on a continuing basis" to mean as often as reasonably possible. FRFIs can subscribeSanctions passed under the UN Act and the Criminal Code require FRFIs to determine on a continuing basis whether they are in possession or control of property owned or controlled by or on behalf of a listed person.

This form, along with instructions for completion and filing, can be downloaded from OSFI's Web site at: To ensure the accuracy of monthly reports, reporting entities must apply proper due diligence to their preparation.

We provide augmented sanctions data covering the full scope of sanctions risk, including entities and individuals owned or controlled by sanctioned subjects, subjects specified in official pronouncements, securities impacted by sanctions and geographic risk indicators. to the full range of personal information in its records. At Dow Jones, we know that identifying exposure to sanctions risk requires far more than scraping a list -- or even several lists.

Interests that do not constitute property capable of seizure should not be reported, with the exception that OSFI Form 590 asks that aggregate amounts be provided with respect to letters of credit and other guarantees.As is the case with amounts reported in the OSFI 525, all amounts reported in the OSFI 590 must be stated in Canadian dollars.

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