Office of the Superintendent of Financial Institutions is developing new processes for its expanded mandate, which will include overseeing risks related to non-financial and financial crimes at Canada’s largest lenders
OSFI superintendent Peter Routledge, pictured in Ottawa on Jan. 11, 2023, told a roundtable after an event hosted by the C.D. Howe Institute on May 8 that industry players have opportunities to bolster anti-money-laundering practices as digitalization and geopolitical risks intensify financial crime.The head of Canada ’s banking regulator is comfortable with the ability of the country’s largest banks to curb money laundering crimes, but says that there is room for improvement.
“It is incumbent upon regulators and boards of directors to redouble efforts on surveillance detection and response,” Mr. Routledge said. “I’m confident, but am I satisfied with where we are? No, we have to get better.”government has been bolstering enforcement measures on Canada’s banks, including new tools to address weaknesses in Canada’s anti-money-laundering regime by expanding the powers of OSFI and the Financial Transactions and Reports Analysis Centre of Canada .
TD expects monetary and non-monetary penalties from the current U.S. investigation, and some analysts have estimated that the amount could range as high as US$2-billion. When FinTRAC finds an issue at a financial institution, it will share those details with OSFI to engage with the bank’s senior executives and board of directors to remediate the issue, Mr. Routledge said.
The changes come as regulatory requirements rise in Canada and the United States, more stringent rules prompted in part by the threat of a recession, the banking crisis unleashed in March, 2023, and mounting geopolitical tensions. While those changes are intended to enhance the stability of the financial system, they could also crimp bank profits as higher expenses and slower loan growth weigh on balance sheets.
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