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    OSFI to Review Guideline on Compliance Risk Management

    May 17, 2021

    OSFI announced the decision to rescind, on July 26, 2021, the Guideline B-8 on deterring and detecting money laundering and terrorist financing, based on response to the feedback received on the consultation on Guideline B-8. OSFI had issued, on October 16, 2020, a letter seeking views on the ongoing relevance of Guideline B-8, given the role of FINTRAC as the Canadian federal supervisor for anti-money laundering and anti-terrorist financing. Views were also sought on whether elements of Guideline B-8 should be maintained and incorporated in a revised Guideline E-13 on management of compliance risk. OSFI has decided that other guidance will be amended to remove references to Guideline B-8, as needed, while no corresponding amendments will be made to the Guideline E-13. Additionally, OSFI expects to undertake a comprehensive review of the Guideline E-13 in 2022, with a focus on the compliance risk management approach more generally.

    Related Link: OSFI Statement

     

    Keywords: Americas, Canada, Banking, FINTRAC, ML/TF Risk, AML/CFT, Guideline E-13, Guideline B-8, Compliance Risk, Operational Risk, OSFI

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