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January 29, 2018

OSFI published the new OSFI-525 and OSFI-590 reporting requirements. To streamline the filing process, OSFI will be requesting that federally regulated financial institutions (FRFIs) begin filing the OSFI 525 and OSFI 590 as unstructured returns via the Regulatory Reporting System effective February 2018 (returns due March 15, 2018). OSFI also published instruction guides for the reports OSFI-525 and OSFI-590.

FRFIs have certain obligations under legislation and associated regulations related to Canada’s anti-terrorism financing regime and its economic sanctions regime. In a number of cases, FRFIs are required to report monthly to OSFI. For 2018, the returns will essentially be identical to the current manually filed returns, except that they will now be filed through Regulatory Reporting System. OSFI is also planning on converting the returns to a more structured format in 2019. OSFI-525 Report can be used by FRFIs to meet their obligations to file information under section 83.11 of the Criminal Code, section 7 of the Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism, and section 5.1 of the United Nations Al-Qaida and Taliban Regulations. OSFI-590 Report can be used by FRFIs to meet their obligations to file information under subsection 11(2) of the Regulations Implementing the United Nations Resolution on the Democratic People’s Republic of Korea, subsection 8(2) of the Regulations Implementing the United Nations Resolution on Iran, or subsection 6(2) of the Special Economic Measures (Venezuela) Regulations or subsection 7(1) of the Justice for Victims of Corrupt Foreign Officials Act.


Related Link: OSFI Letter

Keywords: Americas, Canada, Banking, Insurance, Reporting, OSFI-525, OSFI-590, FRFI, AML/ATF, OSFI

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