Recently, the federal government published amendments to the
regulations made under the United Nations Act (UN Act) and
the Special Economic Measures Act (SEMA), Canada's key
sanctions legislation. Among other changes, the amendments modify
the monthly sanctions reporting obligation for Canadian-regulated
financial institutions and securities dealers. On May 10, 2019, the
Office of the Superintendent of Financial Institutions (OSFI)
issued updated sanctions reporting forms for federally regulated
financial institutions to reflect the legislative amendments.
Amendments to UN Act and SEMA
In March 2019, the federal government amended the regulations
made under the UN Act and SEMA. Among other changes, these
amendments modify the monthly reporting obligation to which
Canadian regulated financial institutions and securities dealers
are subject. Prior to the amendments, Canadian banks, authorized
foreign bank branches, insurers, trust and loan companies, credit
unions,
