March 28, 2007

OSFI has informed all financial institutions that the United Nations has added more names to the list of individuals and organizations that must be reported.

If financial institutions, including credit unions, discover they are holding accounts for, or contracts with, people or organizations covered by the United Nations resolution on Iran they must report the information to the RCMP and CSIS immediately, said the Office of the Superintendent of Financial Institutions.

The sanctions are aimed at constraining Iran’s development of nuclear weapons. Any findings based on the expanded list of names must be reported by April 15, 2007.

The Canadian regulations associated with these UN resolutions require Canadian financial institutions and foreign branches operating in Canada to review their records on a continuing basis for the names of persons or organizations covered by the UN resolutions and report their findings on a monthly basis to their relevant regulator.

The full lists can be found here.