The Financial Services Commission of Ontario is requiring credit unions, provincially regulated insurers and trust companies to join the war on terrorist financing.

FSCO, along with the Office of the Superintendent of Financial Institutions and the Ontario Securities Commission, are asking all regulated entities to review their records for names of individuals under investigation by the Federal Bureau of Investigation. United States government has asked Canada to cooperate with its efforts in connection with the events of September 11.

The federal government has also enacted new regulations that make it a duty of every individual and corporation to review their records on a continuing basis for names of individuals listed as suspected terrorists, and to report their findings on a monthly basis to the relevant regulator.

FSCO regulated companies are expected to file their first reports with FSCO on October 19, with subsequent reports to be provided on the 15th day of each month after that.

Information about the format to be used for reporting purposes will be provided very shortly, it says. In the meantime, it encourages firms to approach FSCO informally to report any material findings as they become available.