Menu Home

FINTRAC and OSFI divvy up the AML duties

Anti-money laundering/anti-terrorist financing / Lutte contre le recyclage des produits de la criminalité et le financement des activités terroristes

Le français suit 

Posted on OSFI’s website:

This letter provides an update on the Office of the Superintendent of Financial Institutions’ (OSFI) revised approach to supervising FRFIs’ anti-money laundering/anti-terrorist financing (AML/ATF) programs.

Over the past year, OSFI and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) have entered a new phase in their collaboration on AML/ATF supervision, as part of on-going efforts to eliminate duplication and manage the regulatory burden on FRFIs. Going forward, FINTRAC will be the primary agency conducting AML/ATF assessments of FRFIs to ensure compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations (PCMLTFA/R). OSFI will focus on the prudential implications of FRFIs’ AML/ATF compliance, as part of its on-going assessment of FRFIs’ regulatory compliance management frameworks.

Categories: Anti-Money Laundering FINTRAC Updates OSFI Updates

eric9to5

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: