Canada's banking regulator OSFI releases guidelines to protect banks against foreign interference and security risks, emphasizing 'good character' of board members, employee background checks, and access control measures.
Canada's Office of the Superintendent of Financial Institutions (OSFI) has released final guidelines outlining its expectations for how banks should protect themselves against risks related to integrity and security. These guidelines cover various aspects including ensuring the "good character" of board members and senior leadership, background checks on employees, and managing access to key infrastructure. The regulator has increased its focus on money laundering prevention due to the federal government's recent expansion of OSFI's mandate.
January 31, 2024
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