OSFI’s New Security and Integrity Guideline 2024

OSFI | Release | Feb 2, 2024

The Office of the Superintendent of Financial Institutions (OSFI) announced the release of its final Integrity and Security Guideline on January 31, 2024.

This guideline, developed after public consultation from October 13 to November 24, 2023, aims to strengthen the resilience of financial institutions against threats, including foreign interference, by outlining clear expectations for integrity and security practices.

Who is this guidance for? Banks, Cooperative Credit Associations, Foreign Bank Branches, Foreign Insurance Branches, Life Insurance and Fraternal Companies, Property and Casualty Companies, Trust and Loan Companies.

"Whether financial services firms/fintechs are regulated by OSFI or not, they should comply. It is the right thing to do."

Highlighting the importance of financial institutions acting with integrity and ensuring security, Superintendent Peter Routledge emphasized that these measures are crucial for maintaining trust in Canada's financial system.

See:

Consultation Until Sep 20, 2023: OSFI Proposes New Guidelines for Crypto-Asset Exposures in Canada

OSFI’s Evolving Focus on Integrity & Security

Consultation: OSFI Unveils Guidelines for Robust Financial System

This step is part of OSFI's expanded mandate, supported by new legislation, and complements existing guidance to help institutions enhance their stability and security.

Peter Routledge, Superintendent of Financial Institutions:

“Resilience and trust in the financial system depend upon the integrity and security of financial institutions. Contained within our integrity and security guideline are specific, practical measures that we expect financial institutions to implement for their protection. Though much work remains, this guideline serves as an important, initial step towards enhancing integrity and security in the financial system.”

Download the 'Sound Business and Financial Practices' Guideline --> here

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• Source: https://ncfacanada.org/osfis-new-security-and-integrity-guideline-2024/