Federally regulated financial firms must comply with sanctions that were ordered against top Venezuelan officials, the Office of the Superintendent of Financial Institutions (OSFI) announced Tuesday.

An OSFI notice to banks, life insurers, and other firms alerts them to sanctions that were ordered against top Venezuelan officials on Sept. 22, imposing an asset freeze and a prohibition on dealing with individuals covered by the sanctions.

In the notice, OSFI says it expects financial firms to implement measures to search for the names of individuals covered by the sanctions, freeze their assets, and to continue searching for designated names at least on a weekly basis.

Additionally, new clients’ names must be checked against the lists.

Canadian financial institutions are also required to report any assets that are controlled by, or on behalf of, a listed person to law enforcement, either the RCMP or the Canadian Security Intelligence Service (CSIS).