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Canada’s OSFI to Prod Institutions to Better Monitor Risky Clients, Says Official
By Brian Orsak
printCanada's primary financial regulator will focus its anti-money laundering efforts on ensuring that institutions implement plans to monitor high-risk clients and address other known compliance gaps, an official said Thursday. In onsite visits, officials at Canada's Office of the Superintendent of Financial Institutions (OSFI) have noted that some financial institutions are not monitoring their riskiest clients more than customers who likely pose little risk, said Nicolas Burbidge, the senior director of the agency's anti-money laundering (AML) division, during a speech. "Oftentimes, institutions need to do a better job of linking high or higher risk customers to the commensurate levels of...
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