Canada
MER-Canada-2016
MER-Canada-2016
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TECHNICAL COMPLIANCE ANNEX<br />
regulated both at the federal and provincial levels and it is not possible for the process to permit the<br />
creation or authorization of shell banks.<br />
The following table sets out the licensing or registration requirements in <strong>Canada</strong>.<br />
Reporting<br />
Entities<br />
Primary<br />
Regulator<br />
Licensed/Registered<br />
Banks Federal-OSFI Licensed. Domestic<br />
banks are created by<br />
the Minister pursuant<br />
to an incorporation<br />
process discussed<br />
below. Authorized<br />
foreign banks receive<br />
certificates to operate<br />
by one or more<br />
branches in <strong>Canada</strong>.<br />
Cooperative<br />
Credit and<br />
Retail<br />
Associations<br />
128<br />
Credit Unions<br />
and caisses<br />
populaires<br />
Life Insurance<br />
Companies<br />
Federal-OSFI<br />
for<br />
Cooperative<br />
Retail<br />
Associations;<br />
Provincial-<br />
Cooperative<br />
Credit<br />
Associations<br />
Provincial<br />
authorities<br />
Federal-OSFI<br />
Provincial<br />
authorities<br />
Same as domestic<br />
banks<br />
Registration<br />
Licensed 129<br />
Either licensed or<br />
registered<br />
Bank Act<br />
Legislation<br />
Cooperative Credit Associations Act<br />
Legislation includes Credit Unions Act; Financial<br />
Institutions Act; Credit Union Incorporation Act;<br />
Credit Unions and Caisses Populaires Act; Deposit<br />
Insurance Act;<br />
An act respecting financial services cooperatives;<br />
An Act respecting the Mouvement Desjardins<br />
Insurance Companies Act<br />
Legislation includes Insurance Act; Financial<br />
Institutions Act; Insurance Companies Act;<br />
Life Insurance Act; Registered Insurance Brokers<br />
Act; An Act respecting insurance (Quebec);<br />
An Act respecting the distribution of financial<br />
products and services(Quebec); Saskatchewan<br />
Insurance Act<br />
Technical compliance Annex<br />
128 OSFI's oversight of Cooperative Credit Associations, commonly referred to as credit union centrals, is<br />
limited and quite different from its oversight of banks and other FRFIs. Cooperative Credit Associations are<br />
organized and operated based on cooperative principles. With the exception of the Credit Union Central of<br />
<strong>Canada</strong> ('CUCC'), the Cooperative Credit Associations are provincially incorporated, and regulated and<br />
supervised at the provincial level. The CUCC, which is federally incorporated, functions as the national trade<br />
association for the Canadian credit union system and does not provide any financial services. Cooperative<br />
Retail Associations are federally incorporated and supervised by OSFI in the same way as for banks and other<br />
FRFIs.<br />
129 Domestic life insurance companies under OSFI’s jurisdiction are created by the Minister pursuant to an<br />
incorporation process discussed below. Authorized foreign life insurance companies only operation under the<br />
federal legislation and receive Ministerial Orders permitting one or more branches in <strong>Canada</strong>.<br />
Anti-money laundering and counter-terrorist financing measures in <strong>Canada</strong> - 2016 © FATF and APG 2016<br />
171
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