Thank you, and good afternoon.
As the chair said, my name is Christine Ring, and I'm the Managing Director of the AML and Dompliance Division at OSFI. With me is Erin Feeney, one of my directors.
To respect the members' time for questions, I will also shorten my remarks, which were tabled with the clerk.
OSFI's mandate is to protect the depositors, policyholders, and creditors of the institutions we supervise while allowing them to compete and take reasonable risks. My division's efforts focus on whether an institution has put in place the appropriate risk management and controls to detect and deter money laundering and terrorist financing.
Our supervisory approach allows us access to a wide range of supervisory information, not just information aligned to requirements under Canada's AML legislation. This means that we can see beyond technical compliance and assess the effectiveness of the overall AML/ATF governance framework established by a federally regulated financial institution.
OSFI's supervisory approach also reflects the nature, size, complexity, and risk profile of an institution. This means that not all measures taken by one institution will be effective at all institutions. Some systems or rules can put a reporting burden on entities, regulators, and Canadians that may not result in an optimal balance of privacy, security and safety, and soundness. Finding this balance in an ever-changing world is why I'm happy to appear beside our peer agencies before this committee.
Together we would be pleased to answer any questions that the committee may have.