Federal banking regulators are alerting firms to the impact of new financial sanctions against Iran.
The Office of the Superintendent of Financial Institutions Tuesday published a notice highlighting new sanctions brought against Iran by the federal government.
OSFI notes that the sanctions have been extended to a significant number of additional entities and individuals, including banks, insurers and other Iranian financial institutions; the prohibitions are extended to the provision or acquisition of any financial services to or from Iran; and, the sanctions are now applied to the Iranian oil, gas and petrochemicals sectors.
The regulations impose new obligations on Canadian financial institutions, requiring them to ensure they comply with amended prohibitions on the provision of financial services; search their records on an ongoing basis for the additional names covered by the sanctions; determine whether they are in possession of property of people covered by the sanctions; prevent prohibited activity; and to disclose prescribed information to the RCMP.
OSFI also says that financial institutions should ensure they have procedures in place to continually update their lists of people covered under the new sanctions. It adds that the the prohibition on the provision of financial services will require Canadian financial firms to be diligent in ensuring that they don’t violate that prohibition.