Banks

Background

Banks in Canada are regulated by various regulators.  At a federal level, in addition to a reporting and regulator relationship with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Banks are also regulated by the Office of the Superintendent of Financial Institutions Canada (OSFI) who is responsible for prudential regulations, and the Financial Consumer Agency of Canada (FCAC) who is responsible for consumer protection obligations.  Depending on your service offering, there may be additional federal and provincial regulators.

As an organization that collects personal information (PI), The Office of the Privacy Commissioner of Canada will govern your practices regarding personal information. Industry members may also be subject to additional provincial level requirements, depending on where you’re doing business.

How Outlier Can Help

Because Banks are large, and often diversified in their product offerings, Outlier offers custom Compliance program component design.  The documentation that we create is intended to work with your existing compliance regime and business practices.

In all of our engagements, we look for ways to streamline your existing practices and empower business, while mitigating your regulatory risk.  Our consultants have completed work for both provincially and federally regulated financial services companies that includes:

• AML Policy creation and review,
• AML Program design, redesign and process engineering,
• ML & TF Risk Assessments,
• AML Compliance Effectiveness Reviews,
• Self-Assessment Testing and Reporting,
• Privacy Policy creation and review,
• Privacy Gap Assessments,
• Regulatory Compliance Management Policy creation and review, and
• Regulatory Compliance Management Gap Assessments.

We also offer customized training packages that incorporate your practices including specialized training for:

• Board of Directors,
• Management,
• Frontline Staff,
• Back-Office Staff (not customer facing),
• IT Staff, and
• Auditors and Audit Staff.

If you have been contacted by a regulator and require immediate assistance, please contact us.