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