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Financial institutions in Canada are obliged to put in place best-suited policies for their activities, as Canadian legislation states. When it comes to the main financial regulator, the OSFI publishes regulations and guidelines on the regular basis. Canadian banks also have requirements to fulfill: to ensure proper liquidity forms and an adequate amount of capital.
Financial institutions whose activities involve securities are required to:
Financial institutions holding securities have an obligation to:
Moreover, it is necessary for financial institutions to train and inform their personnel sufficiently about identifying risks related to violations of AML/CFT.
For registering a financial company in Canada, it is needed to establish committees with the following tasks:
Not too long ago, the OSFI stated that institutions are expected to perform assessments of operational risks, too.
According to the legislation of Canada, directors of financial institutions must carry out these responsibilities:
Additionally, Members of the Board of directors have a duty to bear personal responsibility in cases when an institution allows a violation or fails to respond to it.
In Canada clients of financial institutions have an opportunity to file a complaint via regulatory and independent bodies. Also, if a provider of financial services commits any kind of law violation, clients can use their right to claim damages against such providers.
Services of complaint authorities must be accepted by financial institutions; although their advice regarding financial disputes is not necessary to be used.
Understanding Canadian legislation is crucial for being able to provide financial services in Canada. Monitoring information such as compliance with many requirements and AML/CFT rules can be challenging, but we are here to help.
Contact COREDO to arrange a personal consultation with our specialists about the regulation of financial institutions in Canada.