Entities regulated by OSFI are held to a higher standard for AML compliance. OSFI has articulated that standard, in part, in their Guideline B-8 (revised December 2008). That Guideline is designed to underpin the regulatory requirements of AML legislation and align with recommendations established by the Financial Action Task Force (FATF). It explains their OSFI’s expectation for: the application of an enterprise-wide AML compliance standards; governance, the assessment and control of risks; client due diligence; transaction monitoring and reporting; training; ongoing self-assessment and effectiveness reviews.
In their compliance examinations, OSFI seeks to determine if the FRFI has implemented risk management measures capable of controlling money laundering and terrorist financing risk related reputation and compliance risk, and that the measures are effective.
For a discussion about the application of OSFI’s standards to Federally Regulated Credit Unions in Canada, see our related blog article.
Contact Williams McGuire today and ask us about designing and evaluating programs for OSFI Standard AML Compliance.
Entities regulated by OSFI are held to a higher standard for AML compliance. OSFI has articulated that standard, in part, in their Guideline B-8 (revised December 2008). That Guideline is designed to underpin the regulatory requirements of AML legislation and align with recommendations established by the Financial Action Task Force (FATF). It explains their OSFI’s expectation for: the application of an enterprise-wide AML compliance standards; governance, the assessment and control of risks; client due diligence; transaction monitoring and reporting; training; ongoing self-assessment and effectiveness reviews.
In their compliance examinations, OSFI seeks to determine if the FRFI has implemented risk management measures capable of controlling money laundering and terrorist financing risk related reputation and compliance risk, and that the measures are effective.
For a discussion about the application of OSFI’s standards to Federally Regulated Credit Unions in Canada, see our related blog article.
Contact Williams McGuire today and ask us about designing and evaluating programs for OSFI Standard AML Compliance.