Canada’s Finance Department and two of the bank supervisory agencies it oversees have for much of the past decade been ineffective in supervising non-financial regulatory risk
The DOJ ’s astonishing case against Toronto-Dominion Bank, and the bank’s admission of guilt, demonstrate how Canada ’s Finance Department and two of the bank supervisory agencies it oversees – the Office of the Superintendent of Financial Institutions and the Financial Transactions and Reports Analysis Centre of Canada – have for much of the past decade been ineffective in supervising non-financial regulatory risk, such as anti-money laundering.
This gives bank leaders in Canada a domestic and global picture of a bank’s non-financial regulatory compliance requirements. Based on this view, each bank builds the necessary governance and controls at home and abroad to ensure such requirements are met, audited, updated, monitored and used to generate effective internal and external reports. In short, if the regulatory compliance effort is broken in other jurisdictions, it will almost certainly be broken in Canada.
, in turn, is accountable for “monitoring and assessing the quality, timeliness and volume of financial transaction reporting.”, was “starving its compliance program of the resources needed to obey the law.” The result of this, the DOJ said, was that “from 2014 through 2022, TD Bank’s transaction monitoring program remained effectively static, and did not adapt to address known, glaring deficiencies; emerging money laundering risks; or TD’s new products or services.
OSFI is alive to the reputational damage the DOJ case against TD has caused Canada’s bank supervisor. Peter Routledge, OSFI’s superintendent, took the unprecedented step of issuing a damage-control statement acknowledging the seriousness of the situation, while adding that “Section 22 of the OSFI Act and Section 636 of the Bank Act bar me or any OSFI official from disclosing information regarding the business affairs of a federally regulated financial institution.
Bank Osfi Canada Fintrac Program Doj Td Bank TD Bank Lisa Monaco Finance Chrystia Freeland
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