{
  "title": "Canada: Financial Sector Assessment Program-Detailed Assessment of Observance-Basel Core Principles for Effective Banking Supervision",
  "publication": "IMF Staff Country Reports, August 8, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2025/08/08/canada-financial-sector-assessment-program-detailed-assessment-of-observance-basel-core-569532",
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  "summary": "This paper focuses on Canada’s Detailed Assessment of Observance—Basel Core Principles for Effective Banking Supervision report. Banking supervision in Canada is well-functioning and mature, overseeing a complex, concentrated and large banking system.",
  "sections": [
    {
      "heading": "Overview and scope",
      "content": "- Focus: Canada’s Detailed Assessment of Observance—Basel Core Principles for Effective Banking Supervision report.\n- Date: August 8, 2025.\n- Publication series: IMF Staff Country Reports; Country Report No. 2025/235; Issue: 235; Volume: 2025.\n- Pages: 427.\n- DOI: https://doi.org/10.5089/9798229022002.002\n- Stock No: 1CANEA2025007\n- ISBN: 9798229022002\n- ISSN: 1934-7685\n- Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT), Credit risk, Crime, Financial regulation and supervision, Financial sector policy and analysis, Financial sector stability, Market risk, Operational risk."
    },
    {
      "heading": "Key findings on supervisory frameworks and practices",
      "content": "- Banking supervision in Canada is described as \"well-functioning and mature\", overseeing a \"complex, concentrated and large banking system.\"\n- Office of the Superintendent of Financial Institutions’ (OSFI) new supervisory framework is \"sound and fit for purpose.\"\n- Supervision could be more intrusive through:\n  - More frequent on-site reviews.\n  - Deeper on-site reviews, notably on banks’ risk measurement models.\n  - More testing of the effectiveness of banks’ risk management and internal control policies.\n- The sanctioning framework for anti-money laundering and countering the financing of terrorism (AML/CFT) is characterized as \"a weak instrument to induce compliance.\"\n- The supervisory framework \"suffers from severe resource constraints to supervising high-risk entities.\"\n- Canada \"acknowledges the importance of rigorous, ongoing supervisory review work.\""
    },
    {
      "heading": "IMF recommendations and supervisory considerations",
      "content": "- IMF position to be considered by OSFI:\n  - Further increasing the frequency of prudential reviews would enhance supervisory outcomes.\n  - Further increasing the intensity of prudential reviews would enhance supervisory outcomes.\n- OSFI will consider the IMF’s position while being \"mindful of the resilience evident in the Canadian financial system.\""
    },
    {
      "heading": "Keywords and cross-cutting areas",
      "content": "- Keywords include: accountability Board, Anti-money laundering and combating the financing of terrorism (AML/CFT), capital model review committee, Caribbean, commercial paper, Credit risk, Financial sector stability, Global, IMF's Monetary, Market risk, Operational risk, Risk committee, risk management, supervisory committee.\n\nSource: Canada: Financial Sector Assessment Program-Detailed Assessment of Observance—Basel Core Principles for Effective Banking Supervision (IMF Staff Country Reports, August 8, 2025).\n\n---\n\n Content in this bundle\n\n- Introduction and Methodology\n  - Introduction and Methodology (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Introduction and Methodology (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: August 8, 2025",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798229022002.002",
    "Focus: Canada’s Detailed Assessment of Observance—Basel Core Principles for Effective Banking Supervision report.",
    "Date: August 8, 2025.",
    "Publication series: IMF Staff Country Reports; Country Report No. 2025/235; Issue: 235; Volume: 2025.",
    "Pages: 427.",
    "DOI: https://doi.org/10.5089/9798229022002.002",
    "Stock No: 1CANEA2025007",
    "ISBN: 9798229022002",
    "ISSN: 1934-7685",
    "Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT), Credit risk, Crime, Financial regulation and supervision, Financial sector policy and analysis, Financial sector stability, Market risk, Operational risk.",
    "Banking supervision in Canada is described as \"well-functioning and mature\", overseeing a \"complex, concentrated and large banking system.\"",
    "Office of the Superintendent of Financial Institutions’ (OSFI) new supervisory framework is \"sound and fit for purpose.\"",
    "Supervision could be more intrusive through:",
    "The sanctioning framework for anti-money laundering and countering the financing of terrorism (AML/CFT) is characterized as \"a weak instrument to induce compliance.\"",
    "The supervisory framework \"suffers from severe resource constraints to supervising high-risk entities.\"",
    "Canada \"acknowledges the importance of rigorous, ongoing supervisory review work.\"",
    "IMF position to be considered by OSFI:",
    "OSFI will consider the IMF’s position while being \"mindful of the resilience evident in the Canadian financial system.\"",
    "Keywords include: accountability Board, Anti-money laundering and combating the financing of terrorism (AML/CFT), capital model review committee, Caribbean, commercial paper, Credit risk, Financial sector stability, Global, IMF's Monetary, Market risk, Operational risk, Risk committee, risk management, supervisory committee.",
    "**Introduction and Methodology**"
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