Sanctions Reporting

Sanctions Reporting System

CIRO provides resources to help Investment Dealers fulfill their requirements to report under certain Canadian Sanctions reporting regulations, specifically section 83.11 of the Criminal Code and section 7(1) of the Justice for Victims of Corrupt Foreign Officials Act.

Effective June 30, 2021, the Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law) no longer requires monthly “Nil” reporting and only requires reports where an entity determines that it is in possession of property of a Designated Person. Positive reports for section 7(1) reporting should be filed in the initial month of identification, and then once every three months after that. Monthly Nil reports are still required for section 83.11 reporting.

How to report

• Check your accounts against the Federal Provision lists below.
• By the 15^th day of the month, log in to the "Sanctions" Reporting System via CIRO Services.
• Use the Nil Form if you have verified that you have no accounts to declare for section 83.11 reporting. Use the Positive Form if you have accounts to declare for either section 83.11 or section 7(1) reporting.

Federal Provisions

• Justice for Victims of Corrupt Foreign Officials Regulations (JVCFOR)
• Regulations Establishing a List of Entities (RELE)