Further to my letters of September 21 and September 25, 2001, seeking your cooperation in reviewing your records for named terrorists or terrorist organizations, the Office of the Superintendent of Financial Institutions (OSFI) wishes to bring to your attention that the Government of Canada has enacted new regulations to assist in the fight against terrorism. The United Nations Suppression of Terrorism Regulations implement key measures in a resolution adopted by the United Nations Security Council on September 28, 2001. A copy of the Regulations is available from OSFI’s Web site (www.osfi-bsif.gc.ca) from the Home Page and What’s New section. Attached to the Regulations is a Schedule listing names of terrorist individuals and organizations previously provided to you in different formats.

Among other requirements, the Regulations make it the duty of every Canadian financial institution and foreign branch operating in Canada to review their records on a continuing basis for the names of individuals listed in the Schedule to the Regulations and to report their findings on a monthly basis to the relevant regulator, which in the case of federally regulated financial institutions is OSFI. Federally regulated financial institutions are expected to file their first reports with OSFI by October 19, 2001, with subsequent reports to be provided on the 15^th day of each month thereafter. Information about the format to be used for reporting purposes will be provided to you very shortly. At the same time, we encourage you to approach OSFI informally to report any material findings as they become available.

If you need any assistance in fulfilling your reporting requirements or would like to receive hard copies of the Regulations and/or list, please e-mail your questions or requests to extcomm@osfi-bsif.gc.ca.

In addition to the foregoing, if institutions discover they are holding accounts or contracts of or on behalf of persons covered by the Regulations, they are required to report such information to the RCMP and CSIS immediately. OSFI will continue to alert financial institutions to new names as the Schedule is updated.

As always, OSFI expects federally regulated financial institutions to observe the relevant laws and regulations of all jurisdictions in which they operate.

OSFI has been following up with federally regulated financial institutions in connection with their review of records since our first letter was issued and is well aware of the seriousness with which they are taking this matter. We know we can count on your continuing cooperation.