When new sanctions are introduced, typically we will learn about them when they're published. We subscribe to various services. Global Affairs will give email updates through RSS, and we scan all the sites every day.
It's interesting you raised that, because some of the names, when they are first published, appear in various sources. Sometimes...and we'd never seen this before, but it was through a news release on the Prime Minister's website. That was new for us, and we didn't even think to look there. We typically just look at the Global Affairs website every day. We do look at the Justice Department website every day.
We may or may not receive notification. I think that when the Russian sanctions came down, I believe we got a heads-up from OSFI because they knew that they were coming, and that was nice. I also have my team. I have five lawyers on my team, and we have a legal department. We each pore over them and we analyze the impact.
If it's just adding to a list, then it's fairly simple. They're added to this list, and we ingest them. Either our service provider does it, or we do it manually. Then it goes into our system, and it's done usually the same day, or the very next day. If we get a hit, or blocks, then we take appropriate action. We freeze property or assets. If we get a false positive and we can't reconcile that, then we go back to the client and ask for additional information. We may ask for additional information from a remitting bank or an originating bank, if it's a wire type of transaction.
For something like sectoral sanctions.... Let's say they're opening a whole new sector. Let's say they want to add fishing somewhere. We hadn't seen that before, so usually we'll convene a CBA meeting. We'll have members get together and we'll talk as an industry and figure out what to do. We may reach out to our legal service providers and ask them for their interpretation, and we do our best.
It would be fantastic if we could go to Global Affairs, have them host the call, and have them walk through the new sanctions. That would be ideal. Those are some of the things that we're asking for. That's what other jurisdictions do. Then they can publish frequently asked questions that could come up, or they could even anticipate questions in advance. That would be great.