How is OSFI involved in the suppression of terrorism?
OSFI provides Canadian financial institutions and foreign branches operating in Canada a list of terrorist entities. The institutions are required to review their records on a continuing basis for the names of persons or organizations covered by the regulations under the Criminal Code and/or by the United Nations Suppression of Terrorism Regulations (UNSTR) and to report their findings on a monthly basis to the relevant regulator, which in the case of federally regulated financial institutions is the Office of the Superintendent of Financial Institutions (OSFI).
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How are the lists of terrorist names and/or entities developed?
The process of listing begins with criminal and/or security intelligence reports on an entity disclosing the reasonable grounds to believe that the entity has knowingly carried out, attempted to carry out, participated in or facilitated a terrorist activity; or the entity is knowingly acting on behalf of, at the direction of or in association with an entity involved in a terrorist activity. If the Governor-in-Council is satisfied that there are reasonable grounds to believe that the above test has been met, the entity may be placed on the list of terrorist entities. The listing of an entity is published in the Canada Gazette. The definition of an entity includes a person, group, trust, partnership or fund, or an unincorporated association or organization.
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How do Canadian financial institutions report their findings to OSFI?
In order to keep reporting requirements as streamlined as possible, OSFI requires federally regulated financial institutions to file only one monthly aggregate report (OSFI-525) even though names may be listed under both the regulations made under the Criminal Code and/or the United Nations Suppression of Terrorism Regulations (UNSTR) .
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