CRCM information source - Certified Regulatory Compliance Manager Updated: 2024

The Bank Regulation and Supervision Survey is a unique source of comparable economy-level data on how banks are regulated and supervised around the world. The most recent survey was started in 2017 and completed in 2019. It provides information on bank regulation and supervision for 160 jurisdictions. Numeric answers from this survey cover the time period 2011–2016.

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Last modified: September 2023

General Information

Introduction to Info Source

Info Source provides information about the functions, programs, activities and related information holdings of government institutions subject to the Access to Information Act and the Privacy Act. It provides individuals and employees of the government (current and former) with relevant information to access personal information about themselves held by government institutions subject to the Privacy Act and to exercise their rights under the Privacy Act.

Info Source and an index of institutions subject to the Access to Information Act and the Privacy Act are available centrally.

The Access to Information Act and the Privacy Act assign overall responsibility to the President of Treasury Board (as the designated Minister) for the government-wide administration of the legislation.  However, anything that is required to be done by the designated Minister is done in respect of the Bank of Canada by the Governor of the Bank of Canada.

Background

The Bank of Canada is the nation's central bank and it was established in 1934 as a privately owned corporation.  In 1938, the Bank became a Crown corporation belonging to the federal government.  

The Bank is not a government department and conducts its activities with considerable independence compared with most other federal institutions.  The Bank’s Annual Report is submitted to the Minister of Finance for tabling in Parliament.

Responsibilities

The Bank of Canada’s principal role, as defined in the Bank of Canada Act, is "to promote the economic and financial welfare of Canada."  The Bank of Canada's primary responsibilities can be grouped into five broad functions:

These functions are supported by corporate administration in providing a variety of internal services in such diverse areas as human resources, information technology, finance, legal, communications, knowledge and information management, facilities and security.

Institutional Functions, Programs and Activities

Monetary Policy

The objective of monetary policy is to preserve the value of money by keeping inflation low, stable and predictable.

Bank for International Settlements (BIS)
Description: Information on meetings at the Bank for International Settlements (BIS), the work of various BIS committees and the provision of Eurocurrency statistics.
Document Types: Meetings -general; Group of Ten -Governors Meetings; Gold and Foreign Exchange Meetings; Concertation Meetings; Meetings of Computer and Databank Experts; Committee on Banking Regulation and Supervision; multilateral surveillance statistics meetings; Standing Committee on Eurocurrency Market; Financial Stability Forum; Eurocurrency statistics; bridge financing -credit facility.
Record Number: BOC INT 235

Current Analysis and Economic Developments
Description: Interpretation of current economic data for Canada and analysis of the economic implications of current economic developments.
Document Types: Current analysis; National Accounts; Balance of Payments; economic cycles/indicators; conferences; consumption/saving; housing; investment/inventories/cost of capital; supply and demand for labour; wages; prices (inflation); direct taxes; indirect taxes and subsidies; foreign sector; financial sector; productivity; production functions; capacity utilization; economic potential; income distribution; regions of Canada; industries; rest of the world; Canadian farm sector; world energy markets; resource sector (other than farm and energy); demographics; world commodity markets; Canadian energy sector; exchange rates; interest rates.
Record Number: BOC RES 081

Developments in Foreign Countries
Description: Information on current economic and financial developments in overseas countries, including relations with the International Monetary Fund (IMF), economic projections for major industrial countries, international comparisons, press reports on developments in overseas countries, international capital markets and international organizations.
Document Types: Projections by international organizations and the Bank of Canada; developments in various countries; Bank for International Settlements press summaries; Commonwealth of Independent States (CIS).
Record Number: BOC INT 220

Developments in the United States
Description: Information on current economic and financial developments in the United States, and the economic outlook, including analysis of economic projections and studies produced by international organizations (IMF and OECD).
Document Types: Developments in the United States; projections by international organizations and the Bank of Canada.
Record Number: BOC INT 221

Federal Organizations and Interdepartmental Committees
Description: Information on federal government organizations or interdepartmental committees that deal with international economic questions in which the Bank has some involvement.
Document Types: Export Development Canada (EDC); Canadian International Development Agency (CIDA); interdepartmental meetings; interdepartmental committees on economic relations with developing countries and assistant deputy ministers' sub-committee on economic relations; Department of Finance; Department of External Affairs; information technology sub-committee of the Privy Council Office (PCO).
Record Number: BOC INT 215

General Economic Analysis -Theory and Models
Description: Information on the structure and use of Bank of Canada econometric models, and other analyses of the structure and behaviour of economies.
Document Types: Theory; input/output; economic cycles/indicators; history; conferences; consumption/saving; investment/inventories/cost of capital; supply and demand for labour; wages; prices (inflation); direct taxes; indirect taxes and subsidies; foreign sector; financial sector; productivity; production functions; capacity utilization; economic potential; income distribution; regions of Canada; industries; rest of the world; Canadian farm sector; world energy markets; resource sector (other than farm and energy); models in general; RDX2; RDXF; SAM; QPM; demographics; world commodity markets; Canadian energy sector; exchange rates; interest rates.
Record Number: BOC RES 086

Interest Rates
Description: Statistical information on market and administered rates in Canada and abroad; also analytical material related to Interest Rates, such as analyses of the term structure of real Interest Rates, and of the relationship between interest rates and inflation.
Document Types: Canadian financial institutions' interest rates; Canadian securities market Interest Rates; American interest rates; European interest rates.
Record Number: BOC MFA 130

International Developments
Description: Information on developments in international capital markets, in particular international banking, Eurocurrency and bond markets, external debt of overseas countries, deployment of oil exporter's surpluses and recycling and major commodities, including commodity agreements.
Document Types: International finance; international capital markets -recent developments and borrowing and recycling; commodities; inter-central bank arrangements.
Record Number: BOC INT 210

International Monetary Fund (IMF)
Description: Information on the work and activities of the International Monetary Fund (IMF), issues discussed at IMF Executive Board meetings and at the Interim Committee.
Document Types: IMF General Account -drawings and repurchases, special drawing rights, general arrangements to borrow; Canadian consultations; International Monetary System and Reform Exercise; other lending facilities; annual meetings; amendments to articles of agreement.
Record Number: BOC INT 230

International Organizations and Institutions
Description: Information on the activities of various international or regional economic organizations, in particular those aspects that relate to world economic or financial issues of interest to the Bank.
Document Types: International Bank for Reconstruction and Development (IBRD); European Economic Community (EEC); Commonwealth/Committees Meetings; Technicians of Central Banks of the American Continent (CEMLA); Summit Meetings; Group of Ten; Organization for Economic Co-operation and Development (OECD) International Co-operation and Policy Coordination; European Bank for Reconstruction and Development (EBRD); Asian Development Bank; Group of Twenty-two; Group of Thirty-Three; other International Organizations and Institutions; structural reform and adjustment in eastern Europe; international assistance in response of gulf crisis.
Record Number: BOC INT 225

Monetary Policy
Description: Technical and econometric analyses of the role of monetary and credit aggregates as targets or indicators of monetary policy, as well as some analyses of the importance of international linkages in the conduct of monetary policy.
Document Types: Bank of Canada balance sheet data; instruments of monetary policy; targets and indicators of monetary policy; international aspects of monetary policy.
Record Number: BOC MFA 100

Projections, Policy Simulations and Policy Analysis
Description: Economic projections for the Canadian economy, information on the use of econometric models for analysis of alternative macroeconomic policies, and other policy analyses.
Document Types: Staff projections; price and incomes policy; market structure policy; government expenditures and transfers; government finance; monetary policy; fiscal policy; exchange rates; interest rates.
Record Number: BOC RES 076

Reviews and Comments on External Documents
Description: Reviews and/or comments on external documents received by the Bank of Canada.
Document Types: Documents from Department of Finance, Economic Council of Canada, Statistics Canada, The Conference Board of Canada, various other Canadian government departments, provincial governments, private sector organizations, American organizations (e.g. DRI, Conference Board), international organizations (e.g. IMF, OECD); academic publications or discussion papers.
Record Number: BOC RES 091

Special Studies and Analysis
Description: Studies and analyses of the various techniques used to implement monetary policy, debt management and securities market strategy.
Document Types: Debt management analysis; cash reserve management studies; interest rate analysis; macroeconomics policy papers; capital market analysis; money market analysis; marketing government debt; Canada Savings Bond analysis and surveys.
Record Number: BOC FMD 070

Quantitative Methods, Computer and Data (Sources and Methods)
Description: Descriptions of research methods, data construction and computer systems.
Document Types: Econometrics; programming and computer systems; time series analysis; input/output; National Accounts; Balance of Payments; demographics; general methodology.
Record Number: BOC RES 096

United States and other Non-Canadian Financial Developments
Description: Information on American monetary policy and recent and projected financial developments in the U.S. and rest of world.
Document Types: United States - monetary policy and regulations, banking system; securities markets; thrift institutions and mortgage market; financial commentaries; financial data.
Record Number: BOC MFA 145

Financial System

The Bank promotes safe, sound and efficient financial systems, within Canada and internationally; oversees major clearing and settlement systems, and conducts transactions in financial markets in support of these objectives.

Bank for International Settlements (BIS)
Description: Information on meetings at the Bank for International Settlements (BIS), the work of various BIS committees and the provision of Eurocurrency statistics.
Document Types: Meetings -general; Group of Ten -Governors Meetings; Gold and Foreign Exchange Meetings; Concertation Meetings; Meetings of Computer and Databank Experts; Committee on Banking Regulation and Supervision; multilateral surveillance statistics meetings; Standing Committee on Eurocurrency Market; Financial Stability Forum; Eurocurrency statistics; bridge financing -credit facility.
Record Number: BOC INT 235

Book-Entry Securities Systems Development
Description: Information on the studies, planning, development, coordination and implementation of book-entry securities systems.
Document Types: New issue distribution service (NIDS); Canada bond bring-on project (CBBO); Money Market System (MMS); risk containment and regulation; debt clearing service; other special projects.
Record Number: BOC FMD 071

Canadian Institutions and Financial Sector Automation
Description: Information on the payment systems of major Canadian institutions.
Document Types: Chartered banks and savings banks; trust and mortgage loan companies; credit unions and caisses populaires; provincial government savings institutions; Canadian government departments and agencies; retailers; communications carriers; protocols.
Record Number: BOC DBO 301

Capital Markets
Description: Information and studies into the functioning of capital markets; activities of various organizations that relate to capital market developments of interest to the Bank of Canada and reports of economic and financial developments in the Atlantic region of Canada.
Document Types: Capital market coverage, household credit; bond markets; equity markets; money markets; securitization; government regulatory bodies; Canadian Depository for Securities; United States Securities Regulations; financial structure and regulation.
Record Number: BOC MFA 155

Chartered Bank Analysis
Description: Information on balance sheet and income statements of chartered banks and descriptive and econometric analysis of the banking system.
Document Types: Canadian dollar assets; Canadian dollar liabilities; foreign currency business and operations abroad; earnings, expenses and balance of revenue; chartered bank operations through affiliates.
Record Number: BOC MFA 105

Chartered Bank Cash Management
Description: Information relating to the cash reserve management operations of the Bank of Canada and the chartered banks; the assets and liabilities of the Bank of Canada; and the characteristics of the institutional relationship within the clearing and settlement system.
Document Types: Bank of Canada balance sheets; advances; underbought/overbought position; cash reserves; reserve requirements; clearings and payments system; Government of Canada deposits; note circulation; statements; compensation to financial institutions; chartered banks; direct clearing members of the Canadian Payments Association; Zero Reserve Operations; cumulative averaging.
Record Number: BOC FMD 035

Consumer Credit Markets
Description: Information collected by the Bank of Canada or Statistics Canada on the consumer debt held by financial institutions; also analyses of Consumer Credit Markets.
Document Types: Consumer credit and Household credit.
Record Number: BOC MFA 125

Contacts
Description: Information on various Contacts of the Bank of Canada with institutions and organizations in the foreign exchange area in Canada and abroad, principally as an aid to monitoring and analyzing developments in exchange markets.
Document Types: Legislation and bank reporting; Canadian Bankers' Association; general brokerage services; Canadian chartered banks; central banks and monetary authorities; foreign commercial banks; governmental departments, agencies and Crown corporations; non-bank financial institutions.
Record Number: BOC INT 200

Domestic Financing - General
Description: The release of general information outlining the terms and conditions of Government of Canada new loan issues.
Document Types: New loan and bond auction press releases; prospectuses; confirmation of offering; procedures; allotments; participation; statements.
Record Number: BOC FMD 050

Domestic Financing - Matured Government of Canada Loans and Canada Savings Bonds
Description: Historical statistical information on the administrative details of each Government of Canada loan operation; used as research material for current borrowing operations.
Document Types: Loans.
Record Number: BOC FMD 055

Econometric Analysis and Background Studies
Description: Econometric models of financial markets, econometric analysis of the demand for financial assets, econometric investigation of financial-real linkages and general information on recent developments in econometric techniques.
Document Types: Econometric analysis of the monetary system; econometric models of markets; econometric models on financial-real linkages; technical support and special projects.
Record Number: BOC MFA 140

Financial Flows and Forecasting
Description: Information on the flow of credit between broad sectors of the economy; summary tables published semi-annually in the Bank of Canada Review.
Document Types: Financial flows matrix; credit market summary tables; sectoral analyses; financial markets projects.
Record Number: BOC MFA 135

Foreign Exchange Market Analysis
Description: Information on developments in the Canadian and overseas exchange markets, trading in Canadian dollars against foreign currencies, the value of the major foreign currencies and exchange arrangements maintained by other major countries.
Document Types: Summary reports on exchange rates; statistical reviews and exchange rate development in overseas countries; exchange market settlement and accounting features; foreign exchange market surveys; forward market, swaps, currency futures and other financial innovations; statistical reports; external financing and takeovers; globalization of the foreign exchange market.
Record Number: BOC FMD 080

Foreign Financing - Government of Canada
Description: Legal documentation for Government of Canada foreign loans and standby credit facilities. Statistical information used to monitor and analyze developments in international capital markets. Statistical and administrative documentation of the procedures undertaken by the Government of Canada to borrow abroad.
Document Types: Foreign financing general; foreign banks; Exchange Fund Account; Government of Canada foreign loans issued; standby credit facilities; Canada bills; interest rate and currency swaps; Yankee Bond buyback program; foreign underwriters.
Record Number: BOC FMD 060

Gold, Silver and Other Commodities
Description: Information on gold, silver and commodity market practices -statistics, legislation and official gold transactions.
Document Types: Gold legislation; gold operations; gold markets; export-import reports; silver legislation and oil.
Record Number: BOC FMD 086

Government of Canada Cash Projections and Debt Management Planning
Description: Information on the management and forecasting of the Government of Canada's cash balances. Analytical Studies to support debt management planning and initiatives are prepared.
Document Types: Federal budget and main estimates; government cash reports and forecasts; debt management issues.
Record Number: BOC FMD 065

Government Sector Analysis and Forecasting
Description: Information on developments in the government sector. Projections of federal and provincial government revenues and expenditures are developed.
Document Types: Monitoring and forecasting using the Quarterly Projection Model; QPM-related and other special reports; program and policy analysis; provincial budget and borrowing analysis.
Record Number: BOC FMD 066

Intervention
Description: Documents and papers prepared in Canada and in other major countries relating to the Working Group on Exchange Market Intervention. The group was established at the Versailles Summit of the Heads of State and Government, June 1982.
Document Types: Intervention studies.
Record Number: BOC FMD 090

Money Market Analysis and Primary Distribution
Description: Information on the general financial market activity of various institutions and organizations with particular emphasis on the money market arrangements (with Bank of Canada) and money market activity of banks and investment dealers.
Document Types: Industries and associations; Financial Research Foundation of Canada; financial institutions; stock exchanges; insurance companies; mortgage companies; finance companies; non-financial institutions; primary distributors; jobber money market report; municipal financing; banker's acceptances; mergers of companies and organizations; brokers.
Record Number: BOC FMD 010

Mortgage Market
Description: Information on mortgage loan approvals and mortgages outstanding held by financial institutions collected for the most part from published sources; also analyses of the mortgage market.
Document Types: Private institutional lenders; government lenders; new housing; existing housing.
Record Number: BOC MFA 120

Non-bank Financial Intermediaries
Description: Balance-sheet data and analyses of the non-bank financial institutions.
Document Types: Trust and mortgage loan companies; credit unions and caisses populaires; sales finance and consumer loan companies; affiliates of foreign banks; life insurance companies; Quebec Savings Bank; provincial savings offices.
Record Number: BOC MFA 110

Open Market Operations and Securities Market Analysis
Description: Statistical and analytical information relating to financial markets.
Document Types: Interest rates; treasury bills; comments on markets; purchase and resale agreements; stock averages and prices; short-term paper; client transactions; issues placements; bond prices, yields and quotes; securities transactions; holdings of securities; U.S. securities; Bank of Canada portfolio; provincial, corporate and municipal markets; interest rate futures.
Record Number: BOC FMD 030

Primary Distributors
Description: Reports on the volumes of transactions in the Canadian securities markets -used to assess the level of activity in Canadian securities markets; information on the financial arrangements between the Bank of Canada and major Canadian investment dealers relating to money market activities; detailed statistical information on the levels of participation by each Canada investment dealer in each Government of Canada loan.
Document Types: Dealers reports are organized by company name; Jobbers statistical information organized by company name.
Record Number: BOC FMD 020

Regulatory Issues
Description: Reports and studies on regulatory issues.
Document Types: Deposit Insurance; ownership of financial institutions; statutory revisions; structure of financial institutions; Payments systems.
Record Number: BOC MFA 160

Reviews and Comments on External Documents
Description: Reviews and/or comments on external documents received by the Bank of Canada.
Document Types: Documents from Department of Finance, Statistics Canada, The Conference Board of Canada, various other Canadian government departments, provincial governments, private sector organizations, American organizations (e.g. DRI, Conference Board), international organizations (e.g. IMF, OECD); academic publications or discussion papers.
Record Number: BOC MFA 170

Special Studies and Analysis
Description: Studies and analyses of the various techniques used to implement monetary policy, debt management and securities market strategy.
Document Types: Debt management analysis; cash reserve management studies; interest rate analysis; macroeconomics policy papers; capital market analysis; money market analysis; marketing government debt; Canada Savings Bond analysis and surveys.
Record Number: BOC FMD 070

Surveys, Reports and Returns
Description: Information on the collection of financial data required for the monitoring and analysis of financial developments.
Document Types: Reports and returns -trust companies, mortgage loan companies, non-financial companies, sales finance and consumer loan companies, affiliates of foreign banks; credit unions.
Record Number: BOC MFA 150

United States and other Non-Canadian Financial Developments
Description: Information on American monetary policy and recent and projected financial developments in the U.S. and rest of world.
Document Types: United States - monetary policy and regulations, banking system; securities markets; thrift institutions and mortgage market; financial commentaries; financial data.
Record Number: BOC MFA 145

Currency

The Bank designs, issues and distributes Canada’s bank notes; oversees the note distribution system; and ensures a consistent supply of quality bank notes that are readily accepted and secure against counterfeiting.

Bank Note Retirement
Description: Information related to the removal of bank notes from circulation for reasons such as the replacement by another medium or withdrawal of a denomination.
Document Types: May include status reports, distribution plans, meetings, strategy and project plans, and proposals.
Record Number: BOC BN 4

Compliance
Description: Information related to ensuring compliance, including the deterrence of bank note counterfeiting through communications programs, and liaison activities with police and prosecutors.
Document Types: May include, correspondence, meetings, compliance policies, guidelines, image reproduction standards, statements of use, and statistics.
Record Number: BOC BN 6

• Education Material, Programs and Services
  Description: This bank describes information relating to requests for education material, programs and services. The personal information collected includes the individual's name, home and email addresses, and telephone and fax numbers. In addition, where applicable, the information includes the organization name for which the individual works, the organization's address, the individual's business title, work telephone number, e-mail address and fax number.
  Class of Individuals: General public who have made requests to obtain information or make reservations for programs and services.
  Purpose: The purpose of this information is to respond to requests for education material and information sessions, reservations for programs and services. The purpose is also to receive comments or special instructions, how they heard about our materials, programs, and services, and whether they would agree to be contacted in the future. In addition, if the requester agrees to be contacted, the records are used to notify individuals of the availability of new materials, programs and services and for follow-ups such as assessing satisfaction with educational materials, programs and/or services received.
  Consistent Uses: The information is used for planning purposes and for in-house statistical purposes related to the volume and nature of requested materials, programs and services as well as the source of the requests.
  Retention and Disposal Standards: Hard copy information is retained for up to three months at which point it is transferred to an electronic database. Electronic information is retained for a period up to 10 years and then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC BN8, BOC BN 6
  TBS Registration: 20110264
  Bank Number: BOC PPU 068

• Sale of Photographic Reproductions of Objects in the National Currency Collection and Reproduction of Bank Note Images
  Description: This bank describes information used to administer the sale and distribution of photographic reproductions of objects (numismatic) from the National Currency Collection of the Currency Museum and information requested when individuals seek permission from the Bank to reproduce bank notes images. The personal information collected includes the name, telephone number, mailing and e-mail address of the requester, name of organization where applicable and fax number. It includes also bank account numbers, signatures, order history and opinions expressed in surveys from individuals that purchase photographic reproduction. Requesters that seek permission to reproduce bank note are also asked to describe the nature of the proposed reproduction and explain how the reproduction will be exhibited.
  Class of Individuals: General public
  Purpose: The Bank of Canada is the registered copyright owner of all design elements of Canadian bank notes. The reproduction of bank note images is protected by federal legislation including the Criminal Code of Canada and the Copyright Act. The purpose of this information is to ensure that appropriate permission is granted prior to the reproduction of bank note images, and to support the sale and distribution of Photo Reproductions through the Bank's Currency Museum.
  Consistent Uses: The records are used for planning purposes and for in-house statistical purposes such as source, nature of request, pieces sold, interest in particular objects, and returning customers to support the sale and distribution of photographic reproductions.
  Retention and Disposal Standards: Paper records relating to the requests for permission to reproduce bank notes are kept for 2 years at which point they are transferred to a database and then destroyed. Database records are kept for a period of 5 years and then destroyed. Paper records relating to the sale of photographic reproductions are kept for 1 year at which point they are transferred to a database and then destroyed. The electronic copies are kept for a period of 7 years, and then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC BN 8, BOC BN 6
  TBS Registration: 006457
  Bank Number: BOC PPU 047

Destruction
Description: Information related to the destruction of unfit bank notes and ancillary material and equipment such as bank note substrate and other material, rolls, plates and dies. Includes the management of the certificates of destruction of unfit bank notes and ancillary equipment.
Document Types: May include certificates of destruction, reconciliation reports, and correspondence with printers.
Record Number: BOC BN 11

Development
Description: Information related to the development of a new bank note series including the specifications, design, production, and testing. This includes any change to existing note series.
Document Types: May include currency usage, technological developments reports; coin/note substitutions, bank note design: general series, and denominations, counterfeiting/simulations; security features, security research.
Record Number: BOC BN 13

Distribution
Description: Information related to all aspects of bank note distribution to authorized members of the Bank Note Distribution System (BNDS).
Document Types: May include shipments (transportation), withdrawal orders, and deposits.
Record Number:  BN 15

Monitoring
Description: Information related to the monitoring of quality, demand, inventories and authenticity of Bank Notes.
Document Types: May include demand forecasts, note inventories, and circulation trials.
Record Number: BOC BN 17

Mutilated Note Redemption
Description: Information related to the provision of a mutilated note redemption service to provide settlement for damaged bank notes.
Document Types: May include claims, correspondence, and evaluations.
Record Number: BOC BN 19

• Mutilated Bank Notes

  Description: This bank describes information related to the redemption of mutilated bank notes. Personal information may include name; contact information; comments related to the possession and the condition of the bank notes; proof of identification such as passport, residence card or driver’s licence; proof of residence (if not provided as proof of identification) such as income tax assessment, employment pay stub, utility or property bills, or financial institution account statement.
  Class of Individuals: General public
  Purpose: Personal information is obtained for processing claims and responding to general inquiries related to mutilated or contaminated bank notes. Some information may be shared with third parties, including but not limited to, law enforcement agencies and the Financial Transactions and Reports Analysis Centre of Canada.
  Consistent Uses: Information can be used to establish an inventory of claims and for statistical and reporting purposes.
  Retention and Disposal Standards: All records are kept 7 years and then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC BN 19
  TBS Registration: 20110285
  Bank Number: BOC PPU 073

Funds Management

The Bank provides funds-management services for the Government of Canada, itself and other clients. For the government, the Bank provides treasury-management services and acts as fiscal agent for the government’s public debt and foreign exchange reserves.

Accounting for Government of Canada Securities
Description: Information on the recording, for reporting and controlling purposes, of activities for the period during which the securities are in existence.
Document Types: Accounting records and controls; financial reports.
Record Number: BOC GSS 330

Client Accounts
Description: Information on the maintenance of Client Accounts and related transactions.
Document Types: Accounts related to the Government of Canada; Government of Canada agencies; chartered banks and non-banks; central banks and international financial institutions.
Record Number: BOC DBO 275

Confirmation of Balances and Statements of Gold and Securities Held in Safekeeping by the Bank of Canada
Description: Information on the custodial responsibilities of the Bank towards clients for the safekeeping of their gold or securities.
Document Types: Central banks; chartered banks; domestic financial institutions; Government of Canada accounts; Government of Canada agencies; international financial institutions; dealers.
Record Number: BOC CSD 345

Domestic Payment System Developments and Implications
Description: Information on planning in the Canadian payments system as it evolves towards more electronic methods.
Document Types: Canadian clearing system; task forces and committees; Canadian Computer Communications Task Force; Working Group 3 study; payments system policy; Canadian Payments Association.
Record Number: BOC DBO 302

Exchange Fund Account
Description: Information on the Minister of Finance's Exchange Fund Account, the principal repository of Canada's foreign exchange reserves.
Document Types: Legislation, transactions and accounting procedures; portfolio management; Exchange Fund Account reports.
Record Number: BOC CSD 350

Foreign Exchange Transactions
Description: Information on foreign exchange bookkeeping and trading procedures of the Bank of Canada and transactions with other central banks.
Document Types: Transactions and procedures; portfolio management; reports; signing authorities; Bank of Canada foreign accounts
Record Number: BOC FMD 085

General Accounting Records
Description: Information on various accounts and accounting as prescribed by the Bank of Canada Act.
Document Types: Accounting; Bank of Canada balance sheets; Bank of Canada notes - general, orders and deliveries, destruction, pricing; statements/reports; banks in liquidation -loan analysis; investment transactions; unclaimed bank balances.
Record Number: BOC CSD 340

• Unclaimed Properties Inquiries
  Description: This bank describes information related to unclaimed properties that are maintained by the Bank of Canada, which acts as custodian on behalf of the owners after the balances have been transferred from federally regulated financial institutions and trust companies when there has been no owner activity in relation to the account for a period of 10 years or more. Personal information may include name, date of birth, social insurance number (SIN), signature cards, contact information, financial information, language preference, signatures and legal documentation to support claimant eligibility.
  Class of Individuals: General public.
  Purpose: The information is used to respond to inquiries from individuals, companies or their authorized legal representatives regarding an unclaimed balance and to return the unclaimed balance to the person entitled to receive payment of it. The personal information collected is pursuant to s. 438 of the Bank Act, s. 385.03 of the Cooperative Credit Association Act and s. 424 of the Trust and Loan Companies Act
  Consistent Uses: The Bank of Canada publishes some of this information on its website as the disclosure of this information is consistent with the purpose for which the information was obtained by the Bank of Canada; that is, to return unclaimed funds to the person entitled to receive payment of them. Balances less than $1,000 will be transferred to the Receiver General for Canada after remaining unclaimed for 30 years, and balances of more than $1,000 will be transferred to the Receiver General for Canada after remaining unclaimed for 100 years. No personally identifiable information is shared with the Receiver General. After the milestone date when a balance is transferred to the Receiver General for Canada, the Bank of Canada considers it a prescribed balance.
  Retention and Disposal Standards: All the records related to paid and prescribed balances will be kept for 7 years and then destroyed. The records related to inquiries deemed to be valid claims against balances (but not paid) are kept for seven years and are then destroyed. If the claims are deemed to be invalid, the inquiry records will be kept for two years and then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC CSD 340
  TBS Registration: 000073
  Bank Number: BOC PPU 020

Government Banking and Agency Operations
Description: Information on field operations of banking services to other central banks and fiscal agent services provided to the Government of Canada.
Document Types: See Government Banking and Fiscal Services, Client Accounts and Loans of or Guaranteed by the Government of Canada.
Record Number: BOC DBO 290

Government Banking and Fiscal Services
Description: Information on general banking services to other central banks and to fiscal agent services provided for the Government of Canada.
Document Types: Deposits and payments processed through client accounts, Bank Act security; Canadian Bankers' Association; clearing; government deposits; Interbank International Payments System; safekeeping of valuables; Bank of Canada accounts at central banks; Bank of Canada gold accounts at central banks; external signing authorizations; Canadian Payments Association -general, automated clearing settlement system (ACSS); Large Value Transfer System (LVTS); Banknote Operation System (BNOS); Note Exchange System (NES); funds management (financial asset/liability management); financial stability (settlement and credit operations); agency operational procedures; cash overages and shortages; client services; automation; bank note distribution systems -general -meetings; taxation -policies and procedures; transportation administration; transportation contracting; transportation security matters; closing of agencies' cash operations; regional presence, regional distribution points.
Record Number: BOC DBO 270

• Bank Act Section 427 - Client Records
  Description: This bank contains information about individuals' use of the registry services provided under s. 427 of the Bank Act including account information used to establish credit accounts for those individuals. Services include searches of the register and the provision of copies of Notices of Intention and Certificates of Release.
  Class of Individuals: Registry services clients including individuals whose intention it is to deliver security under s. 427 and individuals who seek to access information on the register.
  Purpose: The purpose of this bank is to maintain a record of client account information including requests for registry services by individual clients and financial information concerning the clients which will permit them to establish accounts for payment for registry services.
  Consistent Uses: The information is used to notify clients of errors made in the register, assess and Excellerate the delivery of registry services and permit clients to pay for registry services by means other than cash on delivery.
  Retention and Disposal Standards: Records are held for 7 years after account closes, then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC DBO 270
  TBS Registration: 004038
  Bank Number: BOC PPU 046

• Bank Act Section 427 - Register
  Description: The Section 427 Register consists of the Notices of Intention which are registered pursuant to Section 427 of the Bank Act and the Certificates of Release which pertain to those Notices. A Notice of Intention contains the name of a person, firm or company and mailing address whose intention it is to deliver security under s. 427. It includes the name of the Schedule I or II bank to which the security is intended to be given.
  Class of Individuals: Persons whose intention it is to deliver security under s. 427.
  Purpose: To maintain a record of Notices of Intention that have been registered and registrations that have been cancelled by a Certificate of Release.
  Consistent Uses: The information is used to respond to inquiries from the general public regarding the existence of a Notice of Intention.
  Retention and Disposal Standards: Records are held for 7 years from date of cancellation, or expiration then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC DBO 270
  TBS Registration: 004037
  Bank Number: BOC PPU 045

Government of Canada Debt Products

Description: Includes records related to the management of federal government retail debt and wholesale products, such as Canada Savings Bond (CSB), Canada Premium Bond (CPB), The Canada Retirement Savings Plan (Canada RSP), and The Canada Retirement Income Fund (Canada RIF), Government of Canada Market Issue bonds, and War Savings Certificates. Records may include information related to bond registration, administration of interest payments; outstanding and redeemed bonds, lost/stolen/damaged bonds. It may also include information on the production and distribution of campaign materials; bond production and design, partnership with payroll sponsors and sales agents, clearing and settlement of bond transactions operated by The Canadian Depository for Security Limited (CDS), issuance of debt, marketing and communication strategy for promoting retail debt products, maintenance of various sales channels, and the forecast of retail debt market.
Instructions and other data made available to financial institutions through which the Bank of Canada deals with bond owners in the normal course of business.
Document Types: Forms to update information, transfer and exchanges, letter of indemnity, summary of redeemed bond, guidelines and procedures, campaign posters, certificates, coupons, cheques, Notarial/Court certified documents, sales agent communications and directives, agreements with sales agent and payroll employer, certain of signatures, Call to Tender, reports, survey and statistics, policy and planning.
Issue of Government of Canada loans and securities; maintenance of securities registers; retirement of securities; agents and distributors; Canadian Payments Association.
Record Number: BOC GSS 335

• Government of Canada Securities Registers and Bondholder Case Files
  Description: This bank describes information related to Retail Debt Program which has been outsourced to various third-party service providers who maintain the bond registers or provide other services that pertain to the maintenance of the various products. The registers include information pertaining to the issuance, maintenance and redemptions of bonds. Personal information may include name, contact information, date of birth, date of death, employee identification number, login information, employer name, banking information, signatures, language preference, estate information, details of complaints, registration/account type and Social Insurance Number (SIN).
  This bank also includes the bond administration register for Wholesale Debt products which includes Market Issue Bonds and Old Style Canada Savings Bonds series 1-31. Currently these registers maintain the debt outstanding of wholesale products. Personal information may include name, contact information, account number, banking information and SIN.
  Class of Individuals: Individuals who purchased or own a bond, and their authorized legal representatives or beneficiaries/ heirs.
  Purpose: The purpose of this bank is to authenticate identity of bondholders and establish eligibility to purchase bonds, establish a registry, document transactions related to bondholder accounts, issue redemptions and interest payments, and respond to inquiries and complaints. Personal information is collected pursuant to the Domestic Bonds of Canada Regulations and the Receipt and Deposit of Public Money Regulations issued under the authority of the Financial Administration Act, and section 24 of the Bank of Canada Act. The SIN is collected under the authority of the Income Tax Act.
  Consistent Uses: Some information is shared with Public Works and Government Services Canada (PWGSC) which is responsible for issuing the interest payments (cheques and direct deposit) on behalf of the Bank of Canada -see institution-specific PIB: PWGSC PCU 712. Information is also shared with Canada Revenue Agency/Revenue Québec for tax remittance -see institution-specific PIB: CRA PPU 140. Information may also be used in order to collect a debt owing to Her Majesty in rights of Canada, and to investigate complaints received by the customer. With the consent of the bondholders, the information may also be shared with a third party for the purpose of conducting market research such as surveys and focus groups for Retail Debt products.
  Retention and Disposal Standards: Register records including debt product applications are kept for 30 years after redemption of the product then destroyed. Records related to coupons and war saving certificates will be kept for 1 year after redemption then destroyed. Retention for registered products is 30 years from the date of the last withdrawal and there is a zero dollar balance. Interest payment records will be kept for 30 years after the interest is paid then destroyed. Change request records including change of address and direct deposit and payroll contributions data will be kept for 2 years then destroyed. Records related to customer cases/transactions and lost bonds/lost interest cheques will be kept for 30 years following the closure of the case then destroyed. In cases where a lost cheque or lost bond is recovered after the replacement has been issued, the lost cheque or lost bond is retained for 2 years then destroyed. Undeliverable interest payment records will be held indefinitely. Unclaimed bond records will be held indefinitely. CSB Online Services records will be held for 1 year then destroyed. For copies of paid cheques or tracing direct deposit, please refer to PIB PWGSC PCU 712 for retention and disposition standards of PWGSC.
  RDA Number: 2015/021
  Related Record Number: BOC GSS 335
  TBS Registration: 004132
  Bank Number: BOC PPU 005

Government of Canada Clearings and Redemptions
Description: Information on the processing of government items and the related payments or deposits to be made to or on behalf of the government.
Document Types: Balance and recapitulations; government deposits; redemptions; settlement enquiries; deposit letters.
Record Number: BOC DBO 295

Government Securities and Gold
Description: Information on the inventory and distribution of Government of Canada securities; custodial responsibilities for gold.
Document Types: Accounting procedures; securities; treasury bills; Canadian National Railway bonds; Government of Canada bonds; Canada Savings Bonds; client gold accounts arrangements and transactions.
Record Number: BOC DBO 305

Government Securities in the Retail Debt Market
Description: Information on the planning, coordination and administration of the sale of Government Securities in the retail debt market; also reports/statistics on the monitoring and analysis of the results of the sale of these securities.
Document Types: Government Securities in the retail debt market - general; automation; inquiries; materials - general, distribution, materials distribution centre and lists, inventory, production, transportation; Payroll Savings Plan - campaign, loans, organization, personnel, personnel remuneration, regions/territories, remittance schedules, sales; public service campaign; remittances; sales agents -general, arrangements, coordination, associations, fees and commissions, subagents; sales and redemption.
Record Number: BOC GSS 340

Government Securities, Retail Debt Market - Sales and Processing Agents
Description: The administrative arrangements between the Bank of Canada and eligible Sales Agents and Processing Agents.
Document Types: Sales Agents and Processing Agents - companies, trust companies, trust companies -non-listed, schedule "B" banks; sales agents other than trusts; processing agents other than trusts and banks.
Record Number: BOC GSS 345

International Payments System Developments and Implications
Description: Information on international payments system automation research and planning.
Document Types: Bank for International Settlements (BIS); central banks; International Standardization Organization (ISO) -automation standards; Society for World-Wide Inter-bank Financial Telecommunications (SWIFT).
Record Number: BOC DBO 303

Issue of Government of Canada Loans and Securities
Description: Information on the domestic and foreign borrowings by the Government of Canada for which the Bank of Canada acts as fiscal agent or participates as an advisory body.
Document Types: Treasury bills; Canadian National Railway bonds; Canada Savings Bonds; New Canada Payroll Savings Plan; Canada Premium Bonds; foreign loans; Government of Canada marketable bonds; Government of Canada loans issued; real return bond issues.
Record Number: BOC GSS 305

Loans of or Guaranteed by the Government of Canada
Description: Information on loans issued by or guaranteed by the Government of Canada for which the Bank of Canada acts as manager of the public debt; also rules, regulations and transactions of each issue.
Document Types: Transfers and exchanges; transfer and certain of signatures on securities -resolutions; treasury bills; Canadian National Railways bond issues; Government of Canada bonds; instructions to agents on the delivery of Government of Canada loans, bond auctions and Canada Savings Bonds; interest payments and commission due on foreign borrowings; Revolving Standby Credit Facilities.
Record Number: BOC DBO 280

Official International Reserves
Description: Information on Canada's foreign exchange reserves, including holdings of the Minister of Finance, the Receiver General and the Bank of Canada, as well as borrowings by the Canadian government in foreign currencies.
Document Types: Definitions and historical data; reports and statements on reserve status; Government of Canada foreign currency borrowings and loans; reserves -investments.
Record Number: BOC FMD 095

Production of Security Certificates
Description: Information on all phases necessary to obtain adequate supplies of security certificates and their distribution to the appropriate locations.
Document Types: Production reports; certificate design; foreign issues; printing errors; certificates ordered and distributed; contracts with suppliers.
Record Number: BOC GSS 310

Retirement of Government Securities
Description: Information on the process through which owners of Government of Canada securities are reimbursed at maturity or in accordance with the terms under which the securities were issued.
Document Types: Canada Savings Bonds; Canada Premium Bonds; Government of Canada marketable bonds; treasury bills; war saving certificates; Canadian National Railways bonds; International Bank for Reconstruction and Development (World Bank) bonds; redemptions of foreign loans.
Record Number: BOC GSS 325

Role of Banks in Providing Computer Services
Description: Research performed by the Canadian Computer Communications Task Force and the Interdepartmental Steering Committee on the electronic payments system.
Document Types: Task forces and committees; computer services offered by financial institutions; computer services bureaus.
Record Number: BOC DBO 304

Special Studies and Analysis
Description: Studies and analyses of the various techniques used to implement monetary policy, debt management and securities market strategy.
Document Types: Debt management analysis; cash reserve management studies; interest rate analysis; macroeconomics policy papers; capital market analysis; money market analysis; marketing government debt; Canada Savings Bond analysis and surveys.
Record Number: BOC FMD 070

Corporate Administration

This function is responsible for supporting the sound management of the Bank's human, financial, information, technology, and physical resources and related infrastructure through the development of corporate policies and the maintenance of cost-effective, integrated systems and practices.

Administration

Administration
Description: Includes records related to the management of internally-provided administrative services, undertaken in the institution, which help to manage and deliver the institution’s programs and services. Records may include information related to office accommodation, construction and modification of workstations, photocopy services, printing services, telephone services, mail and messenger services, translation and locksmith services.
Document Types: Telephone lists, photocopier usage counts, print job ordering forms, copies of translation services guidelines and procedures, stationery supply reports, telephone equipment catalogues and manuals, mail logbooks, mail/courier slips, shipment permits, copies of internal procedures and policies, product information and price lists, and stationery request forms.
Record Number: BOC CSD 401

Auditing

Internal Auditing
Description: Includes records related to audit activities performed by an institution’s internal audit.  Audits are responsible for independently and objectively assessing the effectiveness of the Bank’s processes, as designed and implemented by management, to ensure that:
Bank assets and client valuables are safeguarded from losses of all kinds, including those arising from fraud, irregularity, or corruption; significant financial, managerial, and operational information is accurate, reliable, and timely; resources are protected adequately and are acquired economically and used efficiently; potential threats to the achievement of Bank objectives are identified, assessed, mitigated, and monitored; Bank policies, standards, and procedures, and applicable laws and regulations, are complied with; and strong ethics and values are promoted within the Bank.
Document Types: Internal audit reports, audit working papers, and audit manual including methodologies and templates.
Record Number: BOC CSD 456

Communications

Communications
Description: Includes records related to the management of an institution's internal and external communications. The Communications function includes, but is not limited to, the following activities: providing communications support and advice to senior officials, including the preparation of speeches, news releases, briefing notes, presentations, memoranda and correspondence; preparing and implementing communications plans and strategies (including analyses of the internal and external environments) in support of institutional policies, programs, services and initiatives; preparing, producing and disseminating information using all forms of media and graphic arts, including electronic publishing; integrating all communication activities, including Internet applications, marketing, advertising, public opinion research and media relations to promote consistent and well co-ordinated communications with the public; providing, co-ordinating or contracting media monitoring services; communicating with the public, federal institutions, police agencies, other government institutions (municipal, provincial, international) and private sector organizations and providing information services through the Internet and other electronic media; planning, co-ordinating, implementing and evaluating advertising, publishing and public awareness programs and campaigns; planning, co-ordinating and promoting the institution's participation in public events, including fairs and exhibitions; cultivating media contacts, coordinating access to the media, authorising and issuing press releases and briefings, and organising media interviews; marketing and supplying publications by the institution in various formats including the production, distribution and evaluation of film, video, audiovisual and multimedia productions via manual or electronic production (e.g. design, layout, typesetting, desktop publishing, printing, binding, etc.); developing and administering guidelines on the consistency in written style, graphic design etc. within the institution's documents; and designing logos, letterhead, stationery, publications etc. that incorporate the corporate image of the institution. Records may include information related to media relations, media monitoring and analysis, strategic communications advice and planning, public opinion research and analysis, institutional publications, the development, design, management and maintenance of internal and external websites, and the development and maintenance of internal and external mailing and distribution lists.
Document Types: Media analyses and media lines, communications plans, announcements, communiqués, newsletters and updates to staff, news releases, backgrounders, fact sheets, media advisories, speeches, questions and answers, scenario notes, speaking notes, briefing notes, education and training material, calendar of planned events, news-clippings, biographies, protocols, PowerPoint presentations, mailing and distribution lists, public opinion research reports, style guides, institutional communications policies, guidelines, standards and procedures, notices, pamphlets, service/customer satisfaction studies, omnibus surveys, literature reviews, crisis and emergency communications plans and policies, brochures, print and electronic publishing documentation, website content, and copies of institutional publications in all formats.
Record Number: BOC COM 165

• Mailing Lists
  Description: This bank describes the components of mailings lists maintained by the Bank of Canada. The personal information collected includes name, mailing and e-mail address, phone or facsimile numbers of private individuals and contacts within private sector, federal, provincial and non-government organizations, photocopies of cheques if required for refunds, cheque number is recorded in database.
  Class of Individuals: Members of the general public or individuals representing private sector companies and federal, provincial and non-government organizations that have provided their contact information to obtain copies of relevant documentation.
  Purpose: To create and maintain standardized mailing lists for the distribution of communications material, publications, reports and other documentation related to the Bank of Canada programs and activities, etc.
  Consistent Uses: The information is used for planning purposes.
  Retention and Disposal Standards: Paper records relating to Free and Paid Publications are kept for 3 years and then destroyed. Database records relating to Paid Publications are kept for 3 years after last administrative use, then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC COM 165
  TBS Registration: 006323
  Bank Number: BOC PPU 055

Hospitality
Description: Includes records related to hospitality. Hospitality is the provision of a meal or entertainment, including social events or ceremonies in accordance with established policies and guidelines. Records may include information about the nature, scope, location, costs and type of function. The records may also include information related to the proactive disclosure of relevant hospitality expenses.
Document Types: Includes lists of attendees, locations, dates, and expenses, event protocols, hospitality policies and guidelines, and documents related to the on-line publication of hospitality expenses.
Record Number: BOC CSD 446

• Conference Registration
  Description: This bank describes information related to attendance at Bank of Canada hosted conferences. The personal information is collected through a secure Bank of Canada web site and includes the name, business title, phone and facsimile numbers, email address, mobility and dietary requirements of the attendees. It may also include the name of the spouses or companions of the attendees and their related information.
  Class of Individuals: General public and representatives of external organizations and businesses, other government agencies and international governments.
  Purpose: Information is used to complete logistical requirements (i.e., accommodation, transportation) and for conference documentation.
  Consistent Uses: To provide services to the attendee and their guests, and for planning, evaluation, and statistical purposes.
  Retention and Disposal Standards: Records are kept for a period of 2 years after the event, then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC CSD 446
  TBS Registration: 20110262
  Bank Number: BOC PPU 058

Corporate Governance

Board of Directors and Executive Services
Description: Includes records related to the provision of various administrative services for the institution’s Board of Directors and executive (Governing Council, Management Council). Records may include the control and tracking of correspondence, the selection and/or implementation of technological systems to support the provision of services, management of senior executive committees including secretariat support services, and preparation of executive briefing notes.
Document Types: Correspondence, briefings, and briefing notes, speaking engagement invitations, committee meeting minutes, agendas and records of decision.
Record Number: BOC CSD 436

Business Continuity Planning
Description: Includes records related to an institution’s Business Continuity Planning which provides for the continued availability of services and associated assets that are critical to the health, safety, security or economic well-being of Canadians in the event of a disaster or emergency. Business Continuity Planning complements emergency preparedness (e.g. fire and building evacuation plans, civil emergency plans) and includes the development and implementation of a Continuity of Operations Program (COOP). The types of incidences for which the Plan may be initiated may vary from a minor incident, such as a building-specific power outage or an equipment or system failure, to one of provincial or national proportions. The COOP Program outlines and coordinates the efforts of institutional staff and the implementation of advance arrangements and procedures to ensure that the institution can continue or restart critical business operations within a reasonable timeframe.
Document Types: Includes disaster/emergency recovery plans, network and/or data backup procedures, emergency and recovery resources, emergency evacuation procedures, service level agreements essential records policies, notification procedures for emergency response teams, institutional staff,  and Senior Executive, or federal, provincial and municipal bodies, plan activation procedures, documentation pertaining to the Bank of Canada’s facilities, disaster/emergency contact list, detailed business resumption, recovery and restoration procedures, and media handling procedures.
Record Number: BOC CSD 406

• Continuity of Operations (COOP)
  Description: This bank describes information that is contained in the Bank of Canada's Continuity of Operation (COOP) Program. A COOP Program is established by the Bank of Canada to provide for the continued availability of services and associated assets that are critical to the effective functioning of the Canadian financial system, the health, safety, security or economic well-being of Canadians. The personal information may include the names and personal coordinates of employees who are part of the Bank of Canada's COOP Response Team and Incident Management Team, as well as similar emergency contact information for senior and executive management staff and tenants having access to the Bank's facilities. Also included are the names and emergency contact numbers of disaster response and/or recovery vendors and other service providers, in addition to international, federal, provincial, and municipal officials who may have to be contacted to assist the Bank of Canada as the result of an emergency situation. All employees may choose to provide their personal contact information for the purposes of this program. In exceptional circumstances, limited health information may be collected from Bank staff, new hires, and those under contract with the Bank of Canada, Members of the Board of Directors, tenants who have access to the Bank of Canada's facilities, vendors, service providers, and onsite visitors to the Bank's facilities.
  Class of Individuals: Bank of Canada staff and new hires, and those under contract with the Bank of Canada, Members of the Board of Directors, tenants who have access to the Bank of Canada's facilities, emergency response officials, vendors, service providers, business contacts, and onsite visitors including the general public.
  Purpose: The purpose of this information is to ensure that the Bank of Canada can contact appropriate and responsible individuals to respond in the event of an interruption in normal business operations. Limited personal health information is collected under the Bank of Canada Act and the Canada Labour Code in exceptional circumstances linked to public health and safety to protect the health of Bank employees and of Canadians.
  Consistent Uses: This personal information may be shared with other federal institutions, the police, fire, other emergency response agencies, and health agencies on an "as required" basis. This information may also be used or shared with third parties delegated by the Bank for assessment and audit purposes. This information may also be used or shared within the Bank for purposes related to Employee Relations or Occupational Health and Safety (PIB BOC PPE 831). Aggregated information may be used to provide reports to senior management about the execution of Bank of Canada's COOP Plans.
  Retention and Disposal Standards: COOP Program records containing contact information are updated as required, and outdated information is superseded. For the duration of the program, information is kept for two years after it has been superseded. Records related to health information are kept for a period of two years following the end of the related exceptional circumstances. When appropriate, certain information linked to public health and safety will be treated as transitory and not retained for the full 2-year retention period. Third party retention may differ from that of the Bank.
  RDA Number: 2015/021
  Related Record Number: BOC CSD 406
  TBS Registration: 20110263
  Bank Number: BOC PPU 060

Cooperation and Liaison
Description: Includes records related to formal and informal cooperation and liaison activities with other governments and agencies, organizations, and academic institutions, to communicate institutional activities, and delivering institutional programs and services. May also include records related to coordinating programs for international delegations and visits, facilitating information exchanges in areas of common interest, sharing knowledge, expertise, and best practices, reinforcing partnerships and establishing partners and creating new networks.
Document Types: Minutes, agendas and records of decisions of multilateral and bilateral meetings, proceedings of symposia, roundtables and conferences, records of consultation activities.
Record Number: BOC CSD 421

Fellowship Program

Description: The goal of this program is to encourage research at Canadian universities in areas critical to the Bank's mandate: macroeconomics, monetary economics, international finance, and the economics of financial markets and institutions. The records contain the applications and supporting document, including research papers, letters of nomination, and other material to substantiate how the applicants meet the criteria of the program; criteria used to determine successful applicants; committee meeting agenda and minutes, etc.
Document Types: Fellowship Program - General, Policies and Procedures; Press Releases; Nominating Committee; Meetings; Presentations by Recipients of Research Findings.
Record Number: BOC ELS 400

• Fellowship Program Nominations
  Description: This bank describes information related to applications received by the Bank of Canada for the Fellowship Program (Fellowship and Governor's Awards). Personal information collected includes name of the applicant, home and work mailing address, telephone number and e-mail address, name of university and department where employed, curriculum vitae, letters of nomination from university officials about the application and also letters of reference.
  Class of Individuals: Applicants to the program.
  Purpose: The purpose of this information is to assist the Fellowship Nominating Committee in the annual selection process for recipients of the Fellowship Program.
  Consistent Uses: The information is used for the selection of recipients, for statistical and reporting purposes.
  Retention and Disposal Standards: Applications related to individuals granted Fellowships will be retained for 5 years following the termination of the Fellowship, then destroyed. Applications related to individuals not granted Fellowships will be retained for 5 years, then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC ELS 400
  TBS Registration: 006348
  Bank Number: BOC PPU 036

Currency Museum
Description: Includes information related to the administration and programs of the Currency Museum including the National Currency Collection, the largest collection of Canadian bank notes, coins, and tokens in the world. The Museum offers educational activities as well as various exhibits.
Document Types: These records may include material related to general information about the Currency Museum, communications, records documenting the sale and distribution of photographic reproductions; information related to the planning and implementation of Exhibits, Tours, Activities/Workshops, Gallery Development, School Programs, Special Events; records relating to the National Currency Collection - Exhibits and Speeches, Acquisitions, including Specimen notes and Coins from Central Banks handed to Currency Collection, Items on Loan from the National Currency Collection, Items on Loan to Currency Collection, Donations, Gifts, Statement of Purchases.
Record Number: BOC BN 8

• Education Material, Programs and Services
  Description: This bank describes information relating to requests for education material, programs and services. The personal information collected includes the individual's name, home and email addresses, and telephone and fax numbers. In addition, where applicable, the information includes the organization name for which the individual works, the organization's address, the individual's business title, work telephone number, e-mail address and fax number.
  Class of Individuals: General public who have made requests to obtain information or make reservations for programs and services.
  Purpose: The purpose of this information is to respond to requests for education material and information sessions, reservations for programs and services. The purpose is also to receive comments or special instructions, how they heard about our materials, programs, and services, and whether they would agree to be contacted in the future. In addition, if the requester agrees to be contacted, the records are used to notify individuals of the availability of new materials, programs and services and for follow-ups such as assessing satisfaction with educational materials, programs and/or services received.
  Consistent Uses: The information is used for planning purposes and for in-house statistical purposes related to the volume and nature of requested materials, programs and services as well as the source of the requests.
  Retention and Disposal Standards: Hard copy information is retained for up to three months at which point it is transferred to an electronic database. Electronic information is retained for a period up to 10 years and then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC BN8, BOC BN 6
  TBS Registration: 20110264
  Bank Number: BOC PPU 068

• Sale of Photographic Reproductions of Objects in the National Currency Collection and Reproduction of Bank Note Images
  Description: This bank describes information used to administer the sale and distribution of photographic reproductions of objects (numismatic) from the National Currency Collection of the Currency Museum and information requested when individuals seek permission from the Bank to reproduce bank notes images. The personal information collected includes the name, telephone number, mailing and e-mail address of the requester, name of organization where applicable and fax number. It includes also bank account numbers, signatures, order history and opinions expressed in surveys from individuals that purchase photographic reproduction. Requesters that seek permission to reproduce bank note are also asked to describe the nature of the proposed reproduction and explain how the reproduction will be exhibited.
  Class of Individuals: General public
  Purpose: The Bank of Canada is the registered copyright owner of all design elements of Canadian bank notes. The reproduction of bank note images is protected by federal legislation including the Criminal Code of Canada and the Copyright Act. The purpose of this information is to ensure that appropriate permission is granted prior to the reproduction of bank note images, and to support the sale and distribution of Photo Reproductions through the Bank's Currency Museum.
  Consistent Uses: The records are used for planning purposes and for in-house statistical purposes such as source, nature of request, pieces sold, interest in particular objects, and returning customers to support the sale and distribution of photographic reproductions.
  Retention and Disposal Standards: Paper records relating to the requests for permission to reproduce bank notes are kept for 2 years at which point they are transferred to a database and then destroyed. Database records are kept for a period of 5 years and then destroyed. Paper records relating to the sale of photographic reproductions are kept for 1 year at which point they are transferred to a database and then destroyed. The electronic copies are kept for a period of 7 years, and then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC BN 8, BOC BN 6
  TBS Registration: 006457
  Bank Number: BOC PPU 047

Financial Management

Description: Includes records related to the receipt, control, and expenditure of public funds or institutional revenue which may include establishing, operating, and maintaining accounting systems, financial oversight, control and planning, budget submissions and budget reporting, managing funds in the form of allocations. May include records relating to accounts payable (expenditures), accounts receivable (revenues), banking, budgeting, cash accounting, cost recoveries, goods and services tax, duties and tariffs, petty cash, grants, contributions and transfer payments, taxes, resource allocations, liability and revenue control, allotments and transfers, allowances, and accounting standards and methods. May also include documentation related to institutional automated financial management systems.
Document Types: Invoices, vouchers, financial statements, summaries, financial management reports and statistics, cheques, accounting codes, cash receipt journals, internal audit and compliance reviews, estimates and working papers, budget forecasts, fiscal year reports, postage accounts, receipts, signing authority documentation, packing slips, direct deposit applications, statements of account, purchase orders, insurance claims, commitment reports, and acquisition cards.
Record Number: BOC CSD 441

• Accounts Payable/Receivable
  Description: This bank describes information related to individuals who are issued payments by the Bank, and individuals who remit monies payable to the Bank. Payments may be issued and made by cheque, cash or electronically, and may involve travel and hospitality claims, education course fees, program payments, isolation allowances, membership fees, awards, ex gratia, reimbursement of overpayments, payments of goods or services, including Bank’s merchandise (e.g., publications, souvenirs, etc), rent, royalties. Personal information may include name, contact information, certificates of Indian Status card, financial information, credit card information, nature of expense/claims/remittance, employee identification number, other identifying number, signature, and Social Insurance Number (SIN).
  Class of Individuals: Current and former employees of Bank and general public.
  Purpose: Personal information is used to support the payment of financial benefits and entitlements in relation to expenses, fees, claims and other non-payroll payments, and the collection of monies owing to the Bank in relation to goods and services. The SIN is collected pursuant to the Income Tax Act and may be used to issue various income reporting slips and reporting documentation. The certificates of Indian Status card is collected pursuant to s. 87 of the Indian Act as well as pursuant to the Ontario First Nations Point-Of-Sale Exemptions.
  Consistent Uses: Information may be shared with financial institutions for transactions purposes. In some cases, the SIN and other information are shared with the Canada Revenue Agency /Revenue Québec, and are used for data matching purposes -see institution-specific PIBs: Individual Returns and Payment Processing-CRA PPU 005; GST/HST Returns and Rebates Processing-CRA PPU 241; Business Number and Program Account Registration-CRA PPU223; Commodity Tax Objections, Determinations and Appeals to the Courts-CRA PPU 177; Excise and GST/HST Rulings and Interpretations-CRA PPU 092; Goods and Services Tax / Harmonized Sales Tax Credit (GST/HST credit)-CRA PPU 140; GST / HST Audit and Examination-CRA PPU 430; Part XIII Non-Resident Withholding Program-CRA PPU 094. Information may be used or disclosed for financial reporting and program evaluation. Travel and hospitality expenses incurred by members of the Banks’ Governing Council are proactively disclosed on Bank’s website.
  Retention and Disposal Standards: Records are kept for 7 years then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC CSD 441
  Bank Number: BOC PPU 083

Procurement and Contracting
Description: Includes records related to procurement and contracting process to obtain goods and services in accordance with an agreement between a contracting authority within the institution and a person or firm. Records may include information about identifying the goods or services to be purchased, selecting the most effective procurement approach, contract development and approval processes and procedures, contract negotiations, debriefing unsuccessful bidders, administering awarded contracts, including amendments if required, and post-contract evaluations. May also include information related to the contractor; e.g. company profiles, résumés, work experience, previous contracts completed, and clients. These records also include information related to the proactive disclosure of relevant contracts for goods and services.
Document Types: Contract case files and related correspondence, award criteria, guidelines, regulations, approval requirements, statements of work, Requests for Proposals, contractor eligibility lists, feasibility studies, planning documents, solicitation or tender documents, monitoring reports, invoices, payment requisitions, post-completion evaluation reports, sole source contract justifications, standing offers, supply arrangements, customer and vendor liaison documentation, purchase requisitions, security clearances or checks, etc.
Record Number: BOC CSD 481

Travel
Description: Includes records related to the authorized travel of individuals in support of the institution’s mandate. Records may include information related to employee entitlements and obligations, employer obligations, and travel allowances and/or per diem rates. The records may also include information related to the proactive disclosure of relevant travel expenses.
Document Types: Travel advance claims, expense claims and receipts, itineraries and correspondence, applications for travel cards, reporting templates, hotel, and airline directories
Record Number: BOC CSD 501

• Travel
  Description: This bank contains advances, claims, receipts, travel arrangements, itineraries and correspondence concerning employee business travel. Personal information may include name, contact information, employee identification number, financial information, travel history, travel claims, accommodations, meals, and preferences. Travellers may also be requested to provide date of birth and gender when booking travel arrangements.
  Class of Individuals: Bank of Canada employees, who travel on official institutional business, and their spouses or common-law partners and/or dependants.
  Purpose: The purpose of this bank is to maintain information regarding the travelling expenses of employees.
  Consistent Uses: To provide advances and approve claims for business travel expenses. Information may be used or disclosed for program evaluation and reporting purposes.
  Retention and Disposal Standards: Records are kept for a period of seven years, then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC CSD 501
  TBS Registration: 000075
  Bank Number: BOC PPE 841

Human Resources

Compensation and Benefits
Description: Includes records related to the programs and activities that establish and administer pay, pension, and other benefit standards and practices to ensure that employees receive fair compensation/remuneration/payment for work performed. May include records related to continuous service, garnishment, maternity and parental benefits, attendance and leave, rates of absenteeism, overtime, pay authorities, performance pay, rates of pay, severance pay, temporary and summer students, part-time employees, pay administration, emergency salary advance, life, disability, health and dental insurance plans, Canada Pension Plan, and the Bank of Canada Pension Plan and Supplementary Pension Arrangement plans.
Document Types: Correspondence, compensation surveys, insurance plan directives and rules, copies of internal audit reports, terms and conditions relating to insurance eligibility, premiums, contributions, and benefits, and copies of relevant legislation, regulations, and procedures and guidelines.
Record Number: BOC CSD 416

• À la Carte "Benefits Enrolment"
  Description: This bank describes information relating to the administration of the Bank of Canada's benefits program for employees. The records related to this PIB contain all documents created as a result of an employee's enrolment or re-enrolment such as the enrolment forms and acknowledgement of an employee's insurance level. Personal information collected includes employee name, employee identifier, home address and telephone number.
  Class of Individuals: Current and former Bank employees.
  Purpose: The purpose of this bank is to document the enrolment of employees in this benefits program and the administration of employee-selected benefits by the Bank of Canada.
  Consistent Uses: Non-personal information may be used to provide reports about the management of this program to the Bank's Senior Management. The information may also be used for research, planning, audit and evaluation purposes.
  Retention and Disposal Standards: Records are kept for a period of 16 years then destroyed after being superseded. If the employee leaves the Bank, or in the case of the death of the employee, the records are held for 16 years after last administrative use.
  RDA Number: 2015/021
  Related Record Number:  BOC CSD 416
  TBS Registration: 006324
  Bank Number: BOC PPE 823

• Attendance and Leave
  Description: This bank contains absence input forms and summary reports which include the employee identification number, leave applications, and correspondence related to Attendance and Leave. The annual summary of Attendance and Leave is attached to the Employee Personnel Record. Some Attendance and Leave information exists in automated form, as modules of institutional personnel databases, especially as time/attendance, leave control and absenteeism systems.
  Class of Individuals: Bank of Canada employees.
  Purpose: The purpose of this bank is to support the administration of employee Attendance and Leave.
  Consistent Uses: To record attendance and authorize leave, to support decisions on pay and benefits, such as those concerning leave and termination of employment, and to evaluate the use of leave and rates of absenteeism.
  Retention and Disposal Standards: Records are kept for a period of three years, then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC CSD 416
  TBS Registration: 002211
  Bank Number: BOC PPE 821

• Garnishees
  Description: This bank contains orders of garnishment and related correspondence.
  Class of Individuals: Bank of Canada employees.
  Purpose: The purpose of this bank is to maintain information concerning orders for garnishment. The social insurance number may or may not be present. If present, it is in some cases authorized under the Income Tax Act and the Family Orders and Agreements Enforcement Assistance Act and Regulations.
  Consistent Uses: To provide for the execution of orders of garnishment.
  Retention and Disposal Standards: Records are kept for a period of six years after the garnishment order is no longer in force, then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC CSD 416,
  TBS Registration: 000076
  Bank Number: BOC PPE 822

• Income Maintenance and Long-Term Disability Claims
  Description: This bank contains specific case file records relating to the Income Maintenance and Long Term Disability programs. It contains notice of leave of absence, completed necessary forms applying to programs, medical certificates, payment information, correspondence between employee and Great West Life regarding their claim, gradual return to work program records, etc.
  Class of Individuals: Bank of Canada employees.
  Purpose: The purpose of this bank is to document information on the administration of the Income Maintenance and Long-Term Disability Programs of the Bank of Canada.
  Consistent Uses: To administer specific claims and ensure payments are made to employees who are on the income maintenance and long-term disability programs.
  Retention and Disposal Standards: Records are kept for a period of 16 years after termination of the claim or after last administrative use, then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC CSD 416, BOC CSD 471
  TBS Registration: 005279
  Bank Number: BOC PPE 832

• Pay and Benefits
  Description: This bank contains certificates for pay, allowances and deductions, which set out pay and benefit information for each employee, including the Social Insurance Number (SIN), as well as correspondence related to the administration of Pay and Benefits. The bank may also include banking information for pay and pension, orders for garnishment, attachment, and diversion of funds. Earning and superannuation records are attached to the Employee Personnel Record. Some of the above information exists in a computer-based system in order to generate salaries, pensions, deductions or to adjust an employee payroll/personnel record.
  Class of Individuals: Current and former Bank employees.
  Purpose: The purpose of this bank is to provide documentation for the administration of Pay and Benefits. The use of the social insurance number is a requirement under the Income Tax Act, the Employment Insurance Act.
  Consistent Uses: To approve the disbursement of salaries and allowances and the retention of deductions. The SIN is used for purposes of identification and to ensure consistency in administration of Pay and Benefits. Provision of the SIN is mandatory for this bank, subject to exemption of some individuals under special circumstances. The bank enables audit and reconciliation of payroll accounts (e.g., employee remuneration and entitlements) and supports the recovery of overpayments and debts owed to the Crown and, where applicable, enables execution of orders of garnishment, attachment, or diversion of funds in accordance with the Garnishment, Attachment and Pension Diversion Act.
  Retention and Disposal Standards: After an employee leaves the Bank, the personnel record is kept until the individual reaches the age of 80, or two years after the death of the individual and then destroyed, provided two years have elapsed since the last administrative action concerning the information. Payroll Transaction records are kept 7 years then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC CSD 416
  TBS Registration: 002212
  Bank Number: BOC PPE 820

Employment Equity and Diversity
Description: Includes records related to the programs and activities that ensure equitable representation and distribution in the workplace of women, aboriginal peoples, persons with disabilities, and members of visible minority groups. May include records related to workforce analysis, employment equity initiatives, monitoring activities, duty to accommodate, flexible work arrangements, self-identification, adaptive technologies.
Document Types: Internal employment equity policies, copies of relevant legislation, regulations and policies, review and assessment reports, statistical reports, surveys, and Reports to Parliament.
Record Number: BOC CSD 431

• Equity, Diversity and Inclusion Program
  Description: This bank contains personal information on employees Self-Identification Information from external candidates and employees that is needed to support the Bank's Employment Equity Program Equity, Diversity and Inclusion (EDI) Program. This information is collected on a voluntary basis, and respondents are asked to identify their gender, whether they are an aboriginal person, whether they have a disability, or are a member of a visible minority group. External candidates are asked to self-identify in one or more of any applicable designated groups as outlined in the Employment Equity Act (Indigenous (Aboriginal) Peoples, persons with disabilities, or members of visible minorities/racialized groups) and this information is used to measure representation and identify potential barriers in the selection process. Once hired, Bank employees are also invited to self-identify in one or more of any applicable designated groups and to volunteer additional information about their identities to help shape Human Resources (HR) and Bank programming and initiatives for a more inclusive and barrier-free work environment. Further descriptors include racial identity and/or cultural ethnic identity, Indigenous communities, language spoken, types of disability, identification as the LGBTQ2S+ including sexual orientation, gender identity or expression, or status of veteran of the Canadian Armed Forces.
  Class of Individuals: Regular full-time employees; regular part-time employees; contract and temporary employees of the Bank of Canada. Permanent, term, short-term employees of the Bank of Canada and secondees to the Bank, and external recruitment candidates.
  Purpose: This information is used for purposes specified in the Employment Equity Act; that is for implementation of the employment equity policy and program. Data are collected to provide a comprehensive picture of Bank staff by designated groups (e.g., women, aboriginal peoples, persons with disabilities and members of visible minority groups). This information may be linked with that in other banks containing employee information using the Employee Number in order to obtain statistical information used in the preparation of the Annual Report to the Department of Human Resources and Skills Development. This data is also used to compare the situation of designated group members with non-designated group members within the Bank and with their counterparts in the general labour market. Self-identification information may also be obtained from the bank on Applications for employment (BOC PPU 035). Self-Identification Information (SII) is obtained voluntarily for the implementation of the Bank’s EDI Program, in keeping with the Bank’s Employment Equity Policy, Recruitment Policy, Use of Self-Identification Guideline, and its Equity, Diversity and Inclusion Strategy 2022-24, and also in accordance with sections 5(a), 5(b) and 10 of the Employment Equity Act and section 16(1) of the Canadian Human Rights Act. The Bank is required, at minimum, to invite self-identification for Indigenous (Aboriginal) Peoples, persons with disabilities, and members of visible minorities/racialized groups. We are also required to collect data for women for reporting, but this is mandatory data collected at time of hire. The Bank does request additional voluntary SII from employees for the purposes of its own EDI Program.
  Consistent Uses: The information gathered is used in the delivery of the Bank's Employment Equity Program to help create a more representative workforce. It may be used to compile statistical data or for administrative purposes that support measures to ensure that designated groups are equitably represented in the Bank. The Bank’s EDI program and related initiatives aim to measurably reduce any barriers that are identified in the representation of designated groups across the Bank compared to the labour market; and to provide a snapshot of the Bank’s workforce for legislated reporting.

  SII is matched with other personal information of employees and of external candidates contained in other PIBS, such as Employee Personnel Record (PPE 810), Attendance and Leave (PPE 821), Staffing, Applications for Employment (PPU 035), Pay and Benefits (PPE 820), Training and Development (PPE 825), etc., in order to meet EDI Program and reporting requirements. When SII is matched with other employee personal information, it is commonly referred to as EDI data.

  SII and EDI data is used for statistical purposes in the preparation of legislative reports (such as the Annual Report to the Labour Program) and corporate reports, including progress against our strategy commitments. It is also used to evaluate and inform broader EDI policies, programs and management practices to help shape priorities that will increase equity in opportunities and outcomes, retention and inclusion. It may also be used to inform business decisions and specific projects intended to measure employment experiences and outcomes for employees, identify potential barriers in all aspects of the employee lifecycle, and enhance policy and programs.
  Retention and Disposal Standards: Employment Equity questionnaires are retained for a period of two years after an employee leaves the Bank, then destroyed. When questionnaires are superseded, the previous questionnaires are immediately destroyed.

  External Candidates and Bank employees can opt out from the program and delete their own Self-Identification Information.

  Self-identification information is retained for a period of two years after an employee leaves the Bank, then destroyed. When Self-Identification Information are superseded, the previous information is immediately destroyed.
  RDA Number: 2023/002
  Related Record Number:  BOC CSD 431
  Bank Number: BOC PPE 817

Evaluation of Positions
Description: Includes records related to the factors, elements, and other criteria used to establish the relative value of work for an occupational group. Evaluation provides a means of grouping similar types of work together so that it can be ranked by levels of difficulty and differentiated from other, dissimilar work. It also provides a basis for employee compensation in the institution.
Document Types: Inventories, job evaluations, organization charts, internal policies, and guidelines, identification of functions or positions, job evaluation standards, language requirements of positions, competency requirements and/or profiles, statistical data, audit reviews and reports, generic work descriptions and job profile.
Record Number: BOC CSD 411

Labour Relations
Description: Includes records related to relations between employer and employee (through the bargaining agents or units on behalf of the employees) within the institution. May include information related to adjudication and unfair labour practices complaints, discipline, demotion and termination, exclusions, certifications and union dues, human rights complaints, pay equity, collective agreement administration, conflict resolution/alternative dispute resolution processes and procedures, certification process, mediation, and workplace assessment.
Document Types: Grievance and conflict resolution procedures, copies of relevant acts and regulations, settlement documentation, investigation reports, documentation of adjudication hearings (e.g. legal documents, subpoenas, proceedings, records of decisions, witness statements), institutional codes of conduct, dispute resolution reports, workplace assessment reports, and mediation agreements.
Record Number: BOC CSD 461

• Discipline
  Description: This bank contains notices of disciplinary action and correspondence about employee misconduct, testimony by witnesses, legal opinions, investigations of possible misconduct, and analysis reports of these investigations. It is important to note that notices of disciplinary action may be attached to the Employee Personnel Record.
  Class of Individuals: Bank of Canada employees.
  Purpose: The purpose of this bank is to maintain information used in disciplinary actions.
  Consistent Uses: To determine the need for and nature of disciplinary actions, and to support decisions on pay and benefits, attendance and leave, transfer, demotion and termination of employment.
  Retention and Disposal Standards: Records are kept for a period of five years following the date of disciplinary action, then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC CSD 461
  TBS Registration: 002219
  Bank Number: BOC PPE 836

• Grievances
  Description: This bank contains presentations by employees, receipt notices and replies by management, testimony by witnesses, legal opinions, investigation and analysis reports, job descriptions required in the grievance process regarding classification; and correspondence about grievances.
  Class of Individuals: Bank of Canada employees.
  Purpose: The purpose of this bank is to record information used in the grievance process.
  Consistent Uses: Information contained in this bank is used exclusively to accommodate and, where possible, to resolve Grievances at all levels in the grievance process.
  Retention and Disposal Standards: Records are kept for a period of five years following date of resolution, then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC CSD 461
  TBS Registration: 002218
  Bank Number: BOC PPE 835

• Personal Harassment
  Description: This bank contains letters of complaint regarding incidents of harassment; records of interviews with both complainants and alleged harassers; records of interviews with witnesses to incidents; summations of management investigations; and analyses of events and records of decisions taken about particular incidents. Such information must be retained as a separate record and not placed on the complainant's Employee Personnel Record. When a disciplinary action results from an investigation, information will also be filed in the Discipline Bank.
  Class of Individuals: Bank of Canada employees.
  Purpose: The purpose of this bank is to record information necessary for dealing with complaints of Personal Harassment at the workplace.
  Consistent Uses: To make decisions in specific instances on whether or not Personal Harassment is occurring and when this is the case to determine the appropriate action, including disciplinary action, to be taken to end a harassment situation.
  Retention and Disposal Standards: Records are kept for a period of five years following the date of the most recent administrative activity in relation to an individual case, then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC CSD 461
  TBS Registration: 002237
  Bank Number: BOC PPE 837

Occupational Health and Safety
Description: Includes records related to the provision of a safe and healthy working environment for all Bank of Canada employees. Records may include information related to occupational health and safety training, health assessments of employees and emergency medical services, environmental health investigations and surveys, first aid training, facilities, services and supplies, the selection and use of personal protective equipment and clothing, the rehabilitation and retraining of employees disabled by work injuries or illnesses, employee assistance services, the development and monitoring of occupational and environmental standards, procedures and other directives for the prevention of occupational illness and injury, the Canada Labour Code, workplace fitness programs, and the Workplace Health and Safety Committee.
Document Types: Accident/injury reports, safety guides, copies of ergonomic assessments, first aid needs assessments and treatment manuals, first aid reports, advisory notices, exposure to hazardous material case files, safety inspection reports, Workplace Health and Safety Committee records (agendas, minutes of meetings, records of decision, etc), medical examination reports, occupational injury or illness investigation reports, first aid training programs, policies, standards, guidelines and procedures, and copies of relevant legislation and regulations.
Record Number: BOC CSD 471

• Employee Health Record
  Description: This bank contains occupational health evaluations and all personal medical data including employee assistance records and copies of Workplace Safety Insurance Board (WSIB) reports. Prior to 2002, this bank may also contain records relating to the Income Maintenance and Long-Term Disability Programs, i.e. completed forms to apply for LTD; all interaction between employee and Health Services; gradual return to work program records, etc.
  Class of Individuals: Bank of Canada employees.
  Purpose: The purpose of this bank is to maintain health evaluations on Bank employees, and to provide documentation for the administration of occupational health and certain benefit programs.
  Consistent Uses: The information is used to support medical, employment and pension decisions/entitlements.
  Retention and Disposal Standards: Records are destroyed after a period of 20 years from closure of files. Files are closed after employee leaves the Bank or following the last intervention, if this occurs after the employee has left the Bank. Certain records relating to designated substances or procedures, i.e. audiograms are kept for a further 20 years, then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC CSD 471
  TBS Registration: 002215
  Bank Number: BOC PPE 830

• Income Maintenance and Long-Term Disability Claims
  Description: This bank contains specific case file records relating to the Income Maintenance and Long-Term Disability programs. It contains notice of leave of absence, completed necessary forms applying to programs, medical certificates, payment information, correspondence between employee and Great West Life regarding their claim, gradual return to work program records, etc.
  Class of Individuals: Bank of Canada employees.
  Purpose: The purpose of this bank is to document information on the administration of the Income Maintenance and Long-Term Disability Programs of the Bank of Canada.
  Consistent Uses: To administer specific claims and ensure payments are made to employees who are on the income maintenance and long-term disability programs.
  Retention and Disposal Standards: Records are kept for a period of 16 years after termination of the claim or after last administrative use, then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC CSD 416, BOC CSD 471
  TBS Registration: 005279
  Bank Number: BOC PPE 832M

• Occupational Health and Safety
  Description: This bank describes information that is used in support of the occupational health and safety activity, including the prevention of accidents and injuries or illnesses related to occupations, authorization of leave and benefits associated with work-related injury or illness, fitness to return to work assessments, duty to accommodate, health and ergonomic assessments, health and safety complaints, injury compensation, and rehabilitation and retraining. Personal information may include name, contact information, employee identification number, employee personnel information, financial information, nature of complaint, medical information, opinions and views of, or about, individuals, and signatures.
  Class of Individuals: Current and former Bank of Canada employees.
  Purpose: To maintain records relating to occupational injuries or illnesses and subsequent disabilities arising out of, or aggravated by, conditions of work. It also provides documentation for the administration of occupational safety and health programs at the Bank of Canada, which includes the promotion of a safe and healthy workplace for employees and others, the prevention of accidents, occupational injuries and illnesses and, the investigation of occurrences of such injuries and illnesses. Information is collected under the Canada Labour Code and the Canada Occupational Health and Safety Regulations.
  Consistent Uses: To record safety and health details and causes of accidents/injuries in order to assist in accident prevention and health protection. To assure Bank employees receive proper compensation for accidents/injuries. Information may be used or disclosed for the following reasons: to support decisions related to worker's compensation and injury-on-duty leave; as a means of preventing injuries and illnesses and subsequent disabilities arising out of, or aggravated by, conditions of work; to establish that individuals subject to certain identified occupational risks are able to continue working without detriment to their health or safety or to that of others; and to establish the conditions under which certain individuals with identified illnesses or disabilities are able to continue to work under controlled conditions. Limited information may be shared with private sector health service providers with the consent of the individual it concerns. Information may be used to communicate with contacts of employees in emergency situations. Information is also used to process payments and chargebacks with respect to injury compensation claims. Information related to injury compensation claims, including related correspondence and amounts paid, is retained by Human Resources and Skills Development Canada (HRSDC) and is shared with the institution of the affected employee. HRSDC holds information pertaining to employee compensation amounts, which are charged to institutions and distributed on a cost-recovery basis. The information may also be used for reporting and statistical purposes.
  Retention and Disposal Standards: First aid records are retained for two years, then destroyed. Accident and Occupational Injury or illness records are held for 10 years following the date of the occurrence, then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC CSD 471
  TBS Registration: 002217
  Bank Number: BOC PPE 831

Official Languages
Description: Includes records related to the provision of services to the public and to employees in both official languages in accordance with the Official Languages Act and its pursuant regulations. May include information related to language of work, minority official language rights, equitable participation, signage, communications with and services to the public, use of official languages on institutional web sites, and administration of the official languages program.
Document Types: Includes Review on Official Languages, policies, procedures and guidelines, complaint investigation reports, reports to Senior Management and copies of relevant legislation and regulations.
Record Number: BOC CSD 476

• Official Languages
  Description: This bank contains basic personal data such as first official language and the employee identification number for purposes of identification; language knowledge levels; training certificates and correspondence about the official languages' qualifications of employees.
  Class of Individuals: Bank of Canada employees.
  Purpose: The purpose of this bank is to provide documentation for administration of official languages policies as they pertain to employees.
  Consistent Uses: To document the language training needs and accomplishments of employees, to aid in determining the linguistic status of employees and in auditing the administration of official language programs.
  Retention and Disposal Standards: Records are kept for a period of two years after the employee leaves the Bank, then destroyed.
  RDA Number: 2015/021
  Related Record Number:  BOC CSD 476
  TBS Registration: 002214
  Bank Number: BOC PPE 826

Recruitment and Staffing             
Description: Includes records related to the recruitment and staffing of people to fill full-time or part-time positions within the institution. Records may include information related to screening, examining, testing, interviewing, assessing, selecting, hiring, and promoting candidates for employment. May also include information related to terms and conditions of employment (including conflict of interest), deployments, assignments, and secondments, student, professional, and occupational recruitment, as well as information received from or shared with employment agencies.
Note: Relevant information may be transferred to an employee’s personnel file if the individual accepts an offer of employment from the institution.
Document Types: Unsolicited résumés and curricula vitae, model interview questions and answers, competition posters and announcements, application forms, competition assessment tools and rating guides, reference check procedures, checklists, and letters, inventories of qualified candidates, candidate inquiries and responses, copies of letters of offer, ratings board assessments, information within automated or Web-based application tools, and second language evaluation results, etc.
Record Number: BOC CSD 486

• Employee Personnel Record
  Description: This bank describes information concerning personal characteristics, including age and sex; employee identification number; home address; citizenship; education, including transcripts, certificates and diplomas; employment history, curriculum vitae; geographical and organization location; appointments, transfers, promotions and demotions; periods of employment, including probationary periods, tenure; performance reviews and employee appraisals; classification including position numbers, groups, levels, titles and salaries; banking information for pay and pension; superannuation and insurance, including names of beneficiaries, power of attorney and witness. Also included, where applicable, is information concerning military service, including periods and areas of service; and termination of employment, including certificates and reasons for termination. The Employee Personnel Record may contain summary records of decisions relating to staffing, attendance and leave, pay and benefits, training and development, inventory of technical qualifications, decisions concerning compensation and fitness for work, official languages, discipline, and level of security clearance. The major series of information concerning these syllabus is, however, found in other personal information banks described in this chapter. The Employee Personnel Record may not include the personal information actually used to make decisions in the areas noted above. Some of the above information exists in a computer-based system in order to generate reports on such syllabus as training, human resources inventory searches, attendance and leave and other related reports as required.
  Class of Individuals: Current and former Bank employees.
  Purpose: The purpose of this bank is to have a record of an individual's employment and to facilitate personnel administration.
  Consistent Uses: The main use of this bank is to provide documentation and authorization regarding appointments, transfers, promotions, demotions, termination of employment and superannuation. It is also used to authenticate decisions on staffing, attendance and leave; pay and benefits including superannuation; training and development; assignment of project work to staff with required skills set, occupational health and safety; official languages; discipline; and level of security clearance; as well as to verify employment references. In some of the above cases, the information in this bank is a summary which refers to other more detailed information in other banks. This information may be used, provided such use is consistent with the main uses of the information, to ensure that personnel actions are co-ordinated in the interests of both the individual and the employer.
  Retention and Disposal Standards: After an employee leaves the Bank, the personnel record is kept until the individual reaches the age of seventy, or two years after the death of the individual, provided two years have elapsed since the last administrative action concerning the information. Performance appraisals are kept on an employee's file for a period of five years and then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC CSD 486
  TBS Registration: 002210
  Bank Number: BOC PPE 810

• Staffing, Applications for Employment
  Description: This bank contains all applications received from Bank of Canada employees and the general public requesting employment with the Bank of Canada. It includes completed application forms and self-identification information on employment equity group status, letters, curriculum vitae, complaints and other personal information. This bank also contains staffing requests; position descriptions; salary ranges; selection profiles; competition posters; transfer requests; layoff lists; human resources inventory print-outs; lists of candidates; rating committee assessments, including evaluation notes from staffing committees; test results; eligibility lists; offers of employment; notices to candidates; and correspondence concerning staffing by various processes, including by competition and human resources inventory searches. Records in the bank contain a variety of personal information which may include education levels and the employee identification number.
  Class of Individuals: Internal and external individuals seeking employment.
  Purpose: To maintain a record of applications for employment and information used in staffing positions.
  Consistent Uses: The files are used in the selection of staff, and for reporting and statistical purposes. Some information may be shared with a third-party service provider in order to validate educational credentials and professional designations. Notations of staffing decisions may also appear in the Employee Personnel Record -PPE 810 bank.
  Retention and Disposal Standards: Internal and external applications which have been considered in a staffing process are to be kept for a period of two years after the last administrative use, then destroyed. Complaint files are kept for five years following date of resolution, then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC CSD 486
  TBS Registration: 001597
  Bank Number: BOC PPU 035

Relocation
Description: Includes records related to the authorized move of an employee from one place of duty to another or the authorized move of an employee from the employee's place of residence to the employee's first place of duty upon appointment to a position in the institution. Records may include information related to employee entitlements and obligations, employer obligations, third party service providers, interim accommodation, travel to new destination, spousal relocation, advances, legal fees, and long-term storage.
Document Types: Relocation expense claims, copies of institution-specific policies and procedures, and moving and storage company information.
Record Number: BOC CSD 491

• Relocation
  Description: This bank contains authorizations, advances, claims, receipts, and correspondence concerning the relocation of employees and their families. Personal information may include the employee's name; contact information; salary; bank account information; education; citizenship; reference letters; date of birth; marital status; if applicable, employee's housing or rental accommodation status, credit status; payroll notifications for allowances and subsidies including information about related tax liabilities.
  Class of Individuals: Bank of Canada employees, and their spouses or common-law partners, their children and/or extended family members who are considered dependants for tax purposes
  Purpose: The purpose of this bank is to maintain information regarding the relocation of employees.
  Consistent Uses: To administer the relocation functions with respect to their approval, as well as advances and claims. Some information may be shared with external service providers who assist in the provision of relocation services and related services for the Bank's employees who are relocated.
  Retention and Disposal Standards: Records are kept for a period of seven years following the date of the last transaction, after which they are destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC CSD 491
  TBS Registration: 000074
  Bank Number: BOC PPE 840

Training and Development
Description: Includes records related to formal and informal training received by employees to develop their knowledge, skills and competencies, maximise their potential and increase their productivity. Records may include information related to language training, training requirements, professional development, leadership development programs, learning and training policies, monitoring and reporting requirements and continuous learning. May also include records related to liaison with training providers.
Document Types: Annual training reports, individual learning plans, employee orientation information, educational leave criteria, training and skills needs analysis documents, knowledge assessment criteria and results, performance level descriptions, criteria, assessments and agreements, institutional policies on membership fees, and second language training requirements.
Record Number: BOC CSD 496

• Training and Development
  Description: This bank describes personal information collected to support the Bank's training and development programs. Personal information include name, language preference, course applications and evaluations; employee identification numbers; examination results and grades; records of fee payments; and correspondence related to employee participation in Training and Development activities, such as mentoring, coaching, developmental assignments, tuition assistance and courses.
  Class of Individuals: Bank of Canada employees
  Purpose: The purpose of this bank is to provide documentation for the administration of Training and Development programs.
  Consistent Uses: To approve the participation of employees in Training and Development activities, to register the employees and to certify their achievements. Information related to the needs for individual development mentioned on the Performance Review and Employee Appraisal Form is also contained in the Employee Personnel Record – PPE 810 bank. Information is also used for statistical, administrative and career planning purposes.
  Retention and Disposal Standards: Records related to training and development are kept for a period of five years, then destroyed. Records related to the Development Assignment Programs are retained for 2 years after completion of assignments or 2 years of inactivity (no assignments). Selected information on all candidates is computerized and retained for statistical purposes for 5 years, then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC CSD 496
  TBS Registration: 002213
  Bank Number: BOC PPE 825

Information Management

Data Administration
Description: Documentation of data bases and requirements.
Document Types: Data base documentation; data requirements; data definitions; data adjustments; data sources; data operations manuals.
Record Number: BOC MFA 165

Legal Services

Access to Information and Privacy
Description: Includes records related to the administration of the Access to Information and/or the Privacy Act including processing requests, preparing Annual Reports to Parliament, statistical reports and updates to Info Source publications, providing advice, guidance and training to employees, responding to complaints from requestors, conducting privacy impact assessments and responding to investigations by the Offices of the Information and/or Privacy Commissioners. Records may include information related to all requests for information under the control of the institution including correction of personal information and notification of correction of personal information, the identification, description and registration of personal information banks, informal requests, complaints, investigations and requests for judicial review, consultations with third parties and information received from or sent to other institutions, legal advice and requests for advice received from institutional officials that raise privacy and/or access to information concerns. Records may also include information related to requests leading to a change of policy or procedure and documentation pertaining to the software systems used within institutions to manage the administration of access to information and privacy requests.
Document Types: Request case files (may include written requests for information, request forms, letters of acknowledgement, fee estimates, working notes, news clippings, summaries of analyses, request response package including cover letter and copies of released documents, requests to correct personal information, and Commissioner and judicial recommendations and orders), Annual Reports to Parliament, statistical reports, copies of relevant legislation, regulations and related policy instruments, internal policies, guidelines, directives and procedures, legal opinions, copies of audits and/or investigations from the Office of the Privacy Commissioner and/or Office of the Information Commissioner, updates to the Info Source publications, delegation of authority, staff time logs, notices of transfer, fees or extension of time, file lists, indices or finding aids, reports, memoranda and correspondence files.
Record Number: BOC ELS 385

• Access to Information and Privacy
  Description: The records containing the information described in this bank include requests made by individuals to obtain access to information under the control of the institution in accordance with the Access to Information Act and the Privacy Act, replies to such requests, and information related to their processing. These records may include requests for correction of personal information; informal requests; records related to complaints, investigations and requests for judicial review; consultations received from other institutions. Personal information may include the name of the requester, contact information and other processing information related to the request, as well as personal information contained in institution records that are relevant to the request.
  Class of Individuals: Individuals who exercise their rights under the Access to Information Act or the Privacy Act, and individuals who make informal requests to obtain information under the control of the institution.
  Purpose: Personal information described in this bank is used to administer the Access to Information Act and the Privacy Act, and to process and respond to informal requests. If required, information may also be used during investigations by the Offices of the Information and Privacy Commissioners.
  Consistent Uses: The information may be used for research, planning, audit and evaluation purposes.
  Retention and Disposal Standards: These files are held for two years after the last administrative use, then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC ELS 385
  TBS Registration: 20110641
  Bank Number: BOC PPU 103

Disclosure to Investigative Bodies
Description: Includes records related to requests made to institutions by federal investigative bodies (as defined in Schedules 2, 3, and 4 of the Privacy Regulations) for information to facilitate investigations pursuant to paragraph 8(2)(e) of the Privacy Act and to the institution’s response. The request from the investigative body must be received in writing and must include the following information: name of the investigative body, name of the individual who is the subject of the request or some other personal identifier, description of the requested information, section of the federal or provincial statute under which the investigative activity is being undertaken, and the name, title, and signature of the requester. The institution receiving the request must also indicate the following: decision to accept or refuse the request, date the request was received, title(s) of any relevant personal information bank(s) describing the personal information being requested, name, title, and signature of the official who authorized the response, and the name of the institution. The records must also contain copies of the information that was disclosed in response to the request. The records may also contain correspondence with the Privacy Commissioner of Canada and other information relating to the processing of the requests.
Document Types: Requests for information, responses and related correspondence, reports, legal opinions, disclosure review and response procedures.
Record Number: BOC ELS 390

• Disclosure to Federal Investigative Bodies
  Description: This bank has been established in accordance with subsection 8(4) of the Privacy Act in order to retain copies of requests received from authorized federal investigative bodies for personal information pursuant to paragraph 8(2)(e) of the Privacy Act, for the purpose of enforcing a law of Canada or a province or carrying out a lawful investigation.
  Class of Individuals: Individuals about whom requests for personal information have been received pursuant to paragraph 8(2)( e) of the Privacy Act from federal investigative bodies.
  Purpose: The purpose of this bank is to permit the Privacy Commissioner to review disclosures, investigate complaints and report on any abuse of this disclosure provision. The use of the social insurance number is a requirement under the Income Tax Act.
  Consistent Uses: This bank is used to service inquiries from federal investigative bodies.
  Retention and Disposal Standards: Records are retained for at least two years following the date on which a request is received.
  RDA Number: 2015/021
  Related Record Number: BOC ELS 390
  TBS Registration: 20110642
  Bank Number: BOC PPU 025

Legal Services
Description: Includes records related to activities undertaken to enable the Bank to pursue policy, program and service delivery priorities and objectives within a legally sound framework. Legal Services include the provision of policy and program advice, direction in the development and drafting of the legal content of guidelines, assistance in the identification, mitigation and management of legal risks, legal support in ensuring compliance and enforcement of standards, guidelines, and representing the institution's interests in litigation. May include information related to legal advice, preparation of legal documents and litigation services.
Document Types: Legal opinions, working papers, correspondence, copies of enacted legislation, records documenting consultations with other federal institutions, schedules, parliamentary returns, written questions and briefing books.
Record Number: BOC CSD ELS 395

• Conflict of Interest Declarations
  Description: The Bank of Canada's Policy on Conflict of Interest requires employees to declare if they have any interests that may be perceived as, or may be in conflict with the interests of the Bank. The personal information collected includes the employee's name, employee completed Conflict of Interest Acknowledgement / Disclosure Statements, reports and details of financial holdings provided by an employee with potential conflict of interest, any other documents providing a record of advice to determine if a conflict of interest exists as well as documents providing details on compliance measures taken.
  Class of Individuals: Current and former employees of the Bank of Canada.
  Purpose: The purpose of this information is to document the processes that the Bank of Canada has implemented to avoid Conflicts of Interest. This information documents if an employee has been provided an opportunity to read and question the Conflict of Interest Policy; any potential conflicts of interest, an employee may have; and any compliance measures taken to resolve conflicts of interest.
  Consistent Uses: To support decisions on transfers, discipline, and termination of employment.
  Retention and Disposal Standards: If no conflict exists, the information will be retained for two years after the employee leaves the Bank, then destroyed. If an genuine conflict exists, the information will be kept for 7 years after conflict is resolved, then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC ELS 395
  TBS Registration: 006397
  Bank Number: BOC PPE 813

Physical Asset Management

Material Management
Description: Includes records related to the sustainable and financially responsible management of an institution’s movable assets (excluding money and records) such as furniture, furnishings, equipment, supplies, vehicles, and other materiel used or acquired by the institution to facilitate the efficient delivery of institutional programs and services. May include information relating to planning, purchasing, maintenance, repair and disposal of materiel, and operating standards.
Document Types: Inventories, price lists, disposal and surplus policies and procedures, insurance policies, licences, asset loss investigation reports, inventory control system specifications, asset transfer and disposal reports, user specifications, standing offer agreements, and copies of procurement procedures, policies and guidelines.
Record Number: BOC CSD 466

• Facility Management Database
  Description: This bank contains records of employee names, employee identification numbers, employment status, job levels and access card numbers which are used to support the management of space allocation and related resources.
  Class of Individuals: Bank of Canada employees and contractors.
  Purpose: To assist the Bank in managing space allocation resources.
  Consistent Uses: To allocate space and assets related to space such as furniture, phones, etc.
  Retention and Disposal Standards: Records are kept for a maximum of 6 months after an individual leaves the Bank, then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC CSD 466
  TBS Registration: 004236
  Bank Number: BOC PPE 819

Security

Security
Description: Includes records related to the Bank's security program which includes personnel, information, and physical security, as well as the Security Risk Management function. The bank’s security program is informed by the bank’s Corporate Security Policy which is based on the Policy for Government Security. It also includes records related to developing policies, operational standards and procedures related to the security programs elements.
Document Types: Physical access control; security breaches; access cards; security screening and clearances; policies and standards; threat and risk assessments; security awareness and training; physical security systems and equipment; advice and training on the use of security equipment; access control credentials and associated access rights to the Bank's IT environment.
Record Number: BOC CSD 355

• Employee Protection
  Description: This bank describes information related to the security of specific employees and/or their immediate family members. Personal information includes name, date of birth, contact information, physical description, medical information, identification numbers such as employee ID, passport number or driver’s license number, financial information, and personal vehicles information.
  Class of Individuals: Specific Bank employees and their immediate family members
  Purpose: The information is used to capture critical information that may be of assistance to law enforcement and/or officials at the Bank of Canada in the event of an emergency situation involving the person(s) for whom the profiles have been created.
  Consistent Uses: Some information may be shared with law enforcement agencies to conduct investigations.
  Retention and Disposal Standards: The information will be kept for two years after employee leaves the position then destroyed.
  RDA Number: 2015/021
  Related Records Number: BOC CSD 355
  TBS Registration: 20110644
  Bank Number: BOC PPE 845

• Identification and Access Control
  Description: This bank describes information related to the administration of access controls to Bank facilities, networks and restricted areas including temporary employee/tenant, contractors, visitors passes and access control logs. Personal information may include name, contact information, employer name, job title (for visitors), photographs, physical attributes, including biometrics, signatures, and access card numbers.

  Class of Individuals: Employees, visitors and individuals on assignment or contract who require access to the Bank facilities or networks, as well as tenants of Bank facilities.
  Purpose: The bank is used to maintain information relating to the issuance, use and cancellation of identification and building/network-access and to assist in ensuring the security of the facilities and networks used by the Bank and the safety and security of individuals and assets.
  Consistent Uses: With the consent of the individual concerned, photographs and signatures held on file may be used for identification purposes in support of personnel security screening for the facilities, networks and applications accessed. The identification and building-pass database will record entry and exit times from facilities. This information will be used to support compliance with Bank of Canada policies and programs. It may also be used in the event of security-related incidents such as thefts or emergency situations. In such cases, the information may be shared with appropriate law enforcement agencies and emergency workers.
  Retention and Disposal Standards: All the records will be kept for five years after an individual’s last access to Bank networks or facilities then destroyed, except for biometric templates that will be kept for two years after an individual no longer requires access to Bank facilities and/or restricted areas at the Bank.
  RDA Number: 2015/021
  Related Record Number: BOC CSD 355
  TBS Registration: 20110645
  Bank Number: BOC PPU 113

• Public Key Infrastructure Subscriber Information
  Description: This bank contains subscriber's information collected by the Certification Authority of the Bank of Canada's Public Key Infrastructure. The Certification Authority is an internal entity used to issue, sign, revoke and manage digital certificates. A digital certificate is a secure electronic identity. Certificates typically contain a user's name and public key. Individuals that are subscribers of the Bank's Public Key Infrastructure have provided some identification and authentication information that may consist of their first and last name, photocopies of their passport, birth certificate, driver's license, employee service specific identification card, health card or marriage certificate.
  Class of Individuals: Bank of Canada employees, contractors, business partners and the public.
  Purpose: To assist the Bank in providing security services for Web based transactions. These services include encryption, authentication and digital signature services.
  Consistent Uses: The information collected by the Certification Authority will only be used for the purpose of issuing digital certificates and to enrol and verify a subscriber's identity.
  Retention and Disposal Standards: Private decryption keys stored by the CA never expire and will be kept indefinitely. Audit information, subscriber agreements and acknowledgements, and any identification and authentication information is retained for a minimum of seven (7) years following the termination of a certificate and then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC CSD 355
  TBS Registration: 005156
  Bank Number: BOC PPU 050

• Reliability Checks and Security Clearances
  Description: This bank describes information related to reliability checks and security screening assessments of individuals working at or applying for employment at the Bank of Canada. Personal information may include employee identification numbers, completed fingerprint forms, results of the Royal Canadian Mounted Police criminal records name checks and/or fingerprinting records checks, credit bureau checks and Access Card Authorization forms, contact information, character assessments, citizenship status, date of birth, educational information, physical attributes, place of birth, signature, and previous employment information. In addition, this bank describes completed Personnel Security Clearance Questionnaires and Personnel Security Assessments, summaries of Canadian Security Intelligence Service records checks and investigations, completed Government of Canada Personnel Screening Request and Authorization forms, security briefings and other documentation providing positive identification. The bank may also describe personal information about any immediate relatives, including name, contact information, date of birth and death, and relationship to applicant.
  Class of Individuals: All current and former Bank's employees, employees of a contracted company, service personnel and construction workers requiring temporary access to buildings and students.
  Purpose: Personal information is collected to maintain reliability check and security clearance support documentation; the bank is used to record information pertinent to the determination of the appropriate level of security clearance for employees whose position requires security screening.
  Consistent Uses: Some information may be shared with the RCMP and CSIS to conduct the requisite checks. Notation of level of security clearance may be attached to the Employee Personnel Record -PPE 810 bank.
  Retention and Disposal Standards: Records are kept for a period of five years after an employee leaves the Bank, then destroyed. Contracted company employees' records are kept for five years after departure from the Bank, then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC CSD 355
  TBS Registration: 002216
  Bank Number: BOC PPE 816

• Security Incidents
  Description: This bank describes information related to physical, administrative, and technical security, including: security complaints and breaches, privacy breaches, workplace violence, theft, fraud, vandalism, accidental damages, emergency and increased threat situations, and threats to the national interest of Canada. Personal information may include name, contact information, physical attributes, employee identification number, employee personnel information, criminal charges/investigation information, financial information, opinions and views of, or about, individuals, and signature.

  Class of Individuals: Employees of the Bank and other individuals involved in security incidents.
  Purpose: Personal information is collected to report and investigate security incidents and to ensure that vulnerabilities are identified, and the risk of future occurrences reduced.
  Consistent Uses: Information may be disclosed to the following entities: the departmental security office, departmental ATIP office, the appropriate law enforcement authority for incidents suspected to be criminal offences; the Privy Council Office for incidents involving the compromise of Cabinet confidences; the Canadian Security Intelligence Service for incidents involving threats to the national interest; the Office of Critical Infrastructure Protection and Emergency Preparedness for incidents and threats affecting the availability of critical assets and services; the health and safety committee and to Health and Safety Officers appointed under the Canada Labour Code for incidents which can be considered as a "hazardous occurrence" or involve employee injury; and the Treasury Board of Canada Secretariat for incidents that have an impact on government operations or that could require revisions to operational standards or technical documentation. In the case of privacy breaches, information may also be disclosed to the Office of the Privacy Commissioner of Canada. Information may also be shared with human resources officials and managers, as required, to determine appropriate action and to support decisions regarding discipline or investigations. The information may also be used or disclosed for program evaluation.
  Retention and Disposition Standards: Records are kept for 7 years then destroyed. Privacy incidents not related to a security event/incident and not subject to a security investigation are kept 2 years.
  RDA Number: 2015/021
  Related Record Number: BOC CSD 355
  TBS Registration: 20140042
  Bank Number: BOC PPU 123

• Security Video Surveillance
  Description: This information relates to video surveillance recordings generated by closed circuit television (CCTV) cameras located on the perimeters of, or within institutionally operated buildings and facilities. Personal information collected includes recorded visual images.
  Class of Individuals: Any person within proximity of video surveillance recording capabilities.
  Purpose: This information is used to enhance the security of facilities used by the Bank of Canada and of individuals and assets present in such facilities. Video surveillance is sometimes conducted in real time, or recordings can be used to investigate past occurrences, security incidents or emergency situations.
  Consistent Uses: Recordings indicate entry and exit times from facilities and may be used in the event of security-related incidents such as thefts or emergency situations. In such cases, this information may be shared with appropriate law enforcement agencies and emergency workers. Video information that reveals evidence of illegal activity, employee misconduct or accidents may be disclosed to appropriate Bank officials, law enforcement agencies or investigative bodies for further investigations, charges or disciplinary actions.
  Retention and Disposition Standards: Video recordings are retained for 180 days before being recorded over. For high-security areas, video recordings are retained for up to 365 days before being recorded over. If the recordings are required for an investigation, however, they will be kept for five years and then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC CSD 355
  TBS Registration: 20110640
  Bank Number: BOC PPU 118

Technology

Information Technology
Description: Includes records related to the cost-effective and efficient management of computer equipment and associated software for both institutional computer networks and employees’ workstations, (including peripheral equipment such as printers, Personal Digital Assistants (PDA), wireless devices etc.), electronic systems development and maintenance, and technical assistance and support for networks, office systems and databases. May also include records related to the institution’s technology architecture, standards and infrastructure, electronic mail systems and platforms, software and hardware acquisition, the annual planning process for the development of computer systems, and the business case process for application development and system acquisitions.
Document Types: Network systems specifications, information system security policies and procedures, information technology strategic management plans, hardware and/or software research and history files, threat risk assessment reports, application specific data dictionaries, installation, configuration and relocation documentation, feasibility studies, pilot project documentation, system user manuals and/or guides, change management processes, computer activity reports, systems and programming standards, user specifications, IT training courses materials, personal computer or desktop support (Service Desk) procedures and guidelines, computer performance and maintenance reports, system logs, testing strategies, results and reports, database management documentation and institution-specific policies, guidelines and procedures related to the management and use of technology.
Record Number: BOC CSD 451

• Electronic Network Monitoring Logs
  Description: The records containing the information described in this bank relate to the use of the Bank of Canada information and communication technologies infrastructure. Logs containing details of use by individuals are compiled and are reviewed by appropriate officials of the institution when use is in contravention of the Use of Bank Information and Communication Technologies policy. Examples of information that may be in the records include infrastructure logs that may link an employee's workstation to an IP address, listings of sites visited and information on any transactions conducted, including date, time, duration and nature of the visit or transaction.
  Class of Individuals: Any individuals who use or access the Bank of Canada information and communication technologies infrastructure, and any individuals who send electronic information to the Bank or to specific individuals within the Bank.
  Purpose: The information contained in the records is compiled to support the investigation of suspected or alleged contravention of the policy, or deliberate impairment of the Bank’s information and communication technologies infrastructure by individuals who are accessing the institutional infrastructure internally or externally.
  Consistent Uses: The information may be used to substantiate any disciplinary action taken where violation of institutional policies is determined. If an internal investigation determines that criminal actions may have taken place, the information may be shared with appropriate authorities. This information may be used to provide reports to management. The information may also be used for research, planning, audit and evaluation purposes.
  Retention and Disposal Standards: The records are kept for a period of two years then destroyed.
  RDA Number: 2015/021
  Related Record Number: BOC CSD 451
  TBS Registration: 20110643
  Bank Number: BOC PPU 098

Classes of Personal Information

General Correspondence and Enquiries
Correspondence received from external organizations and individuals including requests for information, complaints, comments and suggestions related to a broad range of policy issues pertaining to the Bank's activities.

The personal information contained in this class normally includes the name and address of the enquirer; however, this form of personal information exists in a fragmented form throughout the subject files and is normally retrievable only if specifics of name, subject and the date of communication are provided.

The retention periods of these classes of personal information are controlled by the record schedules of the general subject files in which they are stored.

Surveys

This class describes personal information collected by the Bank in support of survey activities involving Bank employees as well as external survey participants in relation to the Bank’s programs and activities.  The personal information collected may include, but is not limited to, data elements such as: name, contact information, views and opinions of individuals on various topics, and demographic information, as required. The information is used to help inform the Bank’s research, business and policy considerations. Personal information collected through surveys is not used for any administrative purposes that affect a survey respondent and is not organized or intended to be retrieved by name or other personal identifier.

Manuals

Additional Information

Formal Access to Information Requests

To make a formal request, mail your letter or Access to Information Request Form (Access to Information Act) or Personal Information Request Form (Privacy Act), along with any necessary documents (such as consent or the $5.00 application fee for a request under Access to Information Act) to the following address:

Access to Information and Privacy Coordinator
Bank of Canada
234 Wellington Street
Ottawa, Ontario K1A 0G9

Please note: Requests made to the Bank of Canada under the Access to Information Act, must be accompanied by an application fee of $5.00, cheque or money order made payable to Bank of Canada.

Completed Access to Information Requests

The Bank of Canada also makes available previously released records in response Access to Information Act requests available at no charge. Please refer to our list of completed request summaries.

It is normally not necessary to make a formal request under the Privacy Act for information relating to an individual's own bond holdings or unclaimed bank balances. Individuals who wish to inquire about their status with respect to Canada Savings Bonds or other Government of Canada bonds, may do so informally by writing to or contacting Canada Savings Bonds:

Toll-Free, North America: 1‑800‑575‑5151
TTY - Teletypewriter: 1 800-354-2222
Facsimile: 613 782-8096

Mailing address:
Canada Savings Bonds
P.O. Box 2770, Station D
Ottawa, Ontario K1P 1J7
Website: www.csb.gc.ca

For Unclaimed Bank Balances, personal inquiries may be directed to:
Toll-Free, North America: 1‑833‑876‑2267
Phone, Outside North America: 1‑613‑782‑7911
TTY – Teletypewriter: 1-833-608-7800
Email : Online Inquiry Form

Mailing address:
Bank of Canada
Unclaimed Properties Office
234 Wellington Street
Ottawa, Ontario, K1A 0G9
Website: https://www.unclaimedproperties.bankofcanada.ca/

For general enquiries about the programs and activities of the Bank of Canada, please contact:

Bank of Canada
Public Information Services
234 Wellington Street
Ottawa, Ontario K1A 0G9

Contact Us: Online Form
Telephone: 1‑800‑303‑1282 (toll-free, North America)
Telephone: 613‑782‑8111 (outside North America)
TTY *: 1 888-418-1461
Fax: 613 782-7713

For access to press releases, many of our major publications, and current financial data:
Internet: www.bankofcanada.ca

Reading Room

In accordance with the Access to Information Act and the Privacy Act, the applicant may wish to review material in person on the premises of this institution.

For those individuals who wish to access files at the Bank's regional offices, special arrangements will be made upon request.

In the contemporary digital landscape, Open Banking represents a paradigm shift in managing financial transactions.

It helps create an environment where financial institutions can securely share the data with other stakeholders with the customer’s consent.
This is done through API ( Application Programming Interface), which helps in data sharing between different stakeholders seamlessly and securely.
Other stakeholders can be other financial institutions, banks, or third party providers.

It facilitates improved collaboration among banks, financial institutions, fintech providers, and other service providers, engenders innovative developments, and empowers individuals with greater financial autonomy.

Open Banking is revolutionizing how we handle money.

1. Cooperating to Generate Superior Concepts: Open Banking is comparable to a group of companions collaborating to enhance the banking industry.

There is a collaboration between tech companies, banks, and others to generate innovative and exciting concepts for us. It is as if every participant is contributing their most exceptional recipes to create the quintessential dish.

2. You Have Authority Over Your Money: Open Banking grants you complete control over your finances. You have the authority to determine who has access to your financial information and can say, "Yes, you may view my accounts" or "No, that is not possible at this time." It's like having your confidential code.

3. Developing Friendships Across the Globe: Open Banking transcends national boundaries and encompasses a global community.

Nations worldwide are participating by establishing regulations that enable the exchange of ideas and enhance the field of finance.

It is comparable to discussing your preferred game with international companions and gaining knowledge of innovative strategies from one another. 

How Open Banking will Change “How We do Banking”:

Imagine if your piggy bank could communicate with a toy retailer to indicate your preferred products. Open Banking is like that but for grown-ups.

It is when institutions exchange information and communicate, improving banking for all.

Open banking is a banking practice wherein application programming interfaces (APIs) grant third-party financial service providers unrestricted access to consumer banking, transactions, and other financial data from non-bank financial institutions and banks.

Accounts and data will be interconnected across institutions to benefit consumers, financial institutions, and third-party service providers via open banking.

Open banking can help in reshaping the financial sector.

Open banking entails delegating authority and managing consumers' personal and financial information by banks to third-party service providers, predominantly technology startups and online financial service vendors.

For a bank to grant such access, customers must provide assent as an electronic signature on a terms-of-service screen within an application.

Then, APIs from third-party providers may access the customer's shared data (as well as information regarding the customer's financial counterparties).

Potential applications encompass the evaluation of customer accounts and transaction records about various financial service alternatives, the consolidation of data from customers and participating financial institutions to generate marketing profiles, and the execution of new transactions and account modifications on the customer's behalf.

By shifting away from centralization and toward networks, open banking enables clients of financial services to exchange their financial information with other financial institutions securely.

Open banking returns authority over data to the consumers, who determine with whom to share it.

It provides many benefits, including enhanced convenience, entry to various financial services, and a network of third-party applications that operate in concert.

The most significant disadvantage, however, is the security dangers associated with data sharing.

The information exchanged through Open Banking can be utilized to develop novel financial products and services, including applications for managing personal finances and comparison tools.

History of “Open Banking”:

Open Banking originated from the realization that better things are possible when institutions collaborate.

Although "open banking" became more widely recognized in the 2010s, its origins date back even further.

The following are significant junctures in the continuous revolution:

1. Credit-scoring bureaus emerged in the 1970s, initiating the nascent information exchange phase within the financial industry.
2. The 1990s witnessed the advent of online banking, which facilitates digital transactions and data retrieval.
3. The initial open banking initiatives emerged in the United Kingdom and Australia during the 2000s.
4. Since the 2010s, regulatory frameworks such as PSD2 in Europe and CCPA in the United States have accelerated the global adoption of open banking.

Moving forward, the ongoing advancement of technologies such as blockchain and AI will further bolster the security and efficacy of open banking ecosystems.

Consider Open Banking a significant advancement in how we conduct business.

When banks Excellerate their relationship with us, exchange innovative ideas, and grant us greater autonomy over-allocating our funds. Open Banking transforms our ordinary reserve bank into a knowledgeable and beneficial companion.

How Open banking Works

 1. Information Sharing Securely: Open Banking is predicated on the secure exchange of information between financial institutions and other entities. Consider it a sophisticated language that financial institutions use to communicate.

This is achieved via application programming interfaces (APIs), specialized codes that enable banks to interchange data in a standardized and secure manner. It is comparable to an intimate communication method, such as a secret handshake among friends. 

2. Facilitating User Authority: Within the domain of Open Banking, users possess considerable authority over their financial data. Operating analogous to managing personal belongings or preferences, Open Banking empowers users to specify who is granted access to their financial information.

Permission can be granted or denied by users through statements such as "Yes, you may access my financial information" or "No, not at this time."

This control feature is an intrinsic component of the Open Banking experience.

 3. Promoting Innovation for the Benefit of All: An essential characteristic of Open Banking is its potential to foster Innovation in the banking industry. It is an area for banks and technology companies to collaborate, generate innovative concepts, and brainstorm.

This cooperative methodology resembles a gathering of acquaintances joining together to conceive novel and exhilarating games. The resultant consequence is the development of novel applications and tools that augment the banking experience, rendering it more captivating and universally accessible.

4. Global Connectivity: By transcending geographical limitations, Open Banking creates a worldwide network of financial collaboration. Financial institutions worldwide conform to standardized protocols, facilitating the smooth exchange of innovations and concepts.

This international cooperation can be likened to establishing relationships with companions from various nations.

The implementation of the shared framework guarantees that the tenets of Open Banking enhance the overall banking experience for customers, irrespective of their geographical  placement.

Open Banking functions according to the guiding principles of user-centric control, collaborative Innovation, secure communication, and global connectivity.

By implementing this revolutionary strategy, banking operations are streamlined, and individuals are granted authority over their financial information, thereby fostering a more inclusive and dynamic financial environment.

Features of Open Banking: Open banking boasts a range of powerful features that empower consumers and foster innovation

1. Account aggregation : This entails the consolidation of all your bank accounts onto a single dashboard.

This functionality streamlines the organization of financial data, which aids in budgeting, expense monitoring, and decision-making.

 2. Payment Initiation: You no longer need to manage multiple banking applications for payment initiation. Open banking facilitates the initiation of payments through third-party applications, expediting money management and simplifying transactions.

3. Data Enrichment: Open banking facilitates the acquisition of enriched data, which extends beyond fundamental account particulars to encompass expenditure patterns, sources of income, and financial objectives.

This enables TPPs to create customized financial products and hyper-personalized solutions. 

4. Strong Authentication: Robust authentication is critical for ensuring security. Open banking utilizes robust authentication protocols, such as OAuth, to safeguard consumer privacy and ensure data sharing security.

Advantages of Open banking: Open banking offers numerous advantages that transcend the boundaries of the financial ecosystem.

To the Consumer:

1. You have greater control over your financial information and can decide with whom to share it, granting you greater autonomy in managing your finances.

2. Tailored Solutions: Open banking grants users’ access to cutting-edge financial products and services meticulously crafted to meet their unique requirements and objectives.

3. Enhanced Convenience: Streamline financial operations such as investments, payments, and budgeting by integrating data seamlessly and implementing automated solutions.

4. Expanded Options: Promoting open banking cultivates a robust rivalry among financial institutions, resulting in more competitive products and services.

For Organizations:

1. Enhanced Innovation: The availability of comprehensive consumer data accelerates the creation of novel and improved financial products and services suited to a wide range of market segments.

2. Enhanced Efficiency: Streamlined processes and automated data acquisition facilitated by APIs reduce operational expenses.

3. Greater Customer Insights: Businesses can fortify customer relationships and implement more targeted marketing strategies by analyzing data to comprehend customer behavior.

4. New Revenue Streams: Open banking facilitates collaboration and partnership formation, which generates prospects for developing novel revenue streams and business models.

Use cases for Open banking:

1. Account Aggregation: Open banking enables the aggregation of data about multiple accounts held by a single consumer, thereby facilitating the provision of a comprehensive perspective.

2. Platforms for comparing loans: Open banking provides access to credit scores and income information, which enables personalized loan offers and expedited loan approvals. Open banking can expedite credit applications significantly, granting lenders almost instant access to a candidate's credit history.

In the past, evaluating credit applicants frequently entailed compiling diverse documents obtained from various financial institutions and banks.

In addition to impeding the delivery of credit services, this procedure negatively impacted the consumer experience. 

3. Personal finance management is facilitated by AI-powered applications that analyze expenditure patterns and allocate funds automatically to investments or savings by financial objectives.

Open banking enables customers to retain complete ownership of their data. Customers can now frequently perform rapid analysis of their monthly spending patterns and grant permission for third-party integration, which can facilitate automated saving and investing. 

4. Bill payments and budgeting tools: Integrating financial data with budgeting software facilitates the streamlining of bill payments, the monitoring of expenditures, and the encouragement of prudent financial management.

5. Subscription administration:  Subscription management essentially identifies and presents to the client all recurring payments through a single interface. This can include anything from a monthly mortgage or utility bill to a streaming service or fitness membership.

The customer can manage recurring payments from this page by, for example, canceling undesirable subscriptions and receiving payment reminders.

6. Simplify audit operations: Clients permit auditors to use open banking connections via a secure SaaS environment to access their transactional data for audited accounts instead of submitting account information via CSV files and PDFs.

This facilitates the process of data matching and verification, enabling prompt detection of anomalies or absent information.

7. Numerous traditional loan evaluations continue to rely, at least in part, on obsolete criteria such as regional or postal code information.

When applicants have inadequate or scant credit histories, the utilization of such information can substantially distort the results of loan applications.

Now open banking data can be used to provide affordable lending options to youthful, first-time, and financially vulnerable consumers with inaccurate or nonexistent credit histories. This would entail judiciously determining and offering reasonable repayment rates and implementing a more empathetic approach to borrowing.

In contrast to other lending institutions that solely rely on credit scores, open banking grants access to one's banking information, enabling observers to track both inbound and outgoing transactions.

8. Open banking data is utilized to construct profiles and insights that enable lenders to generate comprehensive financial evaluations of individuals down to specific transactions.

Importantly, this is accomplished in near real-time, unlike the monthly glimpses that conventional credit bureaus provide.

It modernizes the market for consumer credit scoring by integrating traditional banking data with near-real-time financial data to generate particular customer insights for its clients.

As a result, lenders can provide customers who would otherwise be excluded from mainstream lending and forced to rely on expensive credit cards, overdrafts, payday lenders, or unregulated lenders with more customized products.

9. The system classifies all transactions and can detect possible indicators of financial vulnerability, such as delayed payments or excessive borrowing, as well as high-risk spending patterns (e.g., gambling).

This provides lenders with a consolidated view of customers' spending habits and supplementary information, including trends in income and expenditure.

Moreover, it eliminates the need for customers and underwriters to manually sift through ancient bank statements to locate the requested information.

Additionally, it facilitates the elimination of the requirement for lenders to store and manage extensive volumes of PDFs and paper-based financial documentation.

10.Aid in developing a purpose-driven transaction channel: How does one purchase a car? Frequently, that is our largest purchase after purchasing home.

However, standard bank cards have transaction limits. Automobiles purchased at retail undoubtedly have a high average order value.

Automobile dealers can now utilize FINTECHs to facilitate the purchase process. Many more channels with specific objectives can be constructed in this manner.

11.Envision oneself organizing an ideal getaway: By utilizing an open banking budgeting application, one can link their accounts, scrutinize their expenditure trends, and have funds designated for the trip in an automated fashion under the budget and schedule.

Additionally, the application can identify optimal airfare and lodging rates by analyzing your financial information.

12. Are you concerned with the management of your student loan repayment? By automating payments and recommending an optimal repayment schedule, an open banking application can ensure that you remain on track and avoid defaults by analyzing your income and expenses.

It is comparable to carrying a personal financial advisor in your pocket.

13.Having difficulty securing an appropriate mortgage for your first home? By aggregating your financial data, an open banking platform can provide you with personalized mortgage options from various lenders.

These options are tailored to your income, credit score, and desired down payment. This facilitates the comparison process and aids in locating the most advantageous deal. These merely represent a limited selection of the potentialities.

Open banking potentially transforms how individuals access credit, administer their finances, and arrive at well-informed financial decisions by rendering the process universally accessible and comprehensible.

Future of Open Banking

Open banking's journey is far from over. Here are some potential future developments:

1. Enhanced Security and Privacy: For widespread adoption and confidence, robust data security protocols and consumer control will be essential.

2. Global Collaboration: Establishing international standards and regulatory harmonization will elevate the ease of exchanging data across borders and spur additional Innovation.

3. Financial Inclusion: Open banking can significantly contribute to the advancement of financial inclusion through the provision of services to marginalized communities and the creation of customized products that cater to their specific requirements.

Open banking is a philosophical and practical revolution that is not merely a fad.

By embracing its potential, we can construct a financial landscape that is more dynamic, personalized, and inclusive, wherein all individuals possess the ability to unleash their financial future.

Other related technologies: Although open banking is the primary focus, additional technologies are pivotal in ensuring its success:

1. Cloud computing operates on a scalable infrastructure that facilitates the secure storage and processing of enormous volumes of data produced by open financial systems.

2. Enhancing the user experience, artificial intelligence analyzes financial data to personalize financial products, predict financial requirements, and automate tedious tasks.

3. Utilizing blockchain technology's secure and transparent data-sharing functionalities can enhance privacy and trust within open banking ecosystems.

Leading Companies in the Open Banking: Numerous forward-thinking organizations are at the forefront of the open finance revolution.

Certain examples of these include:

1. Plaid

2.Tink

3. Stripe

4. Klarna

5. TrueLayer

6. Salt Edge

7. Bud Financial 

8. DirectId

9. Token.io

10.M2P fintech

The instances above represent a mere selection, and the terrain is perpetually transforming.

We anticipate that as open banking obtains traction, an increasing number of businesses will join, each bringing its solutions to the table and propelling the industry forward.

Other Industries: The influence of open banking extends beyond the financial sector and affects several industries:

1. Retail: Envision a scenario in which personalized discounts and loyalty programs could be unlocked using your financial information by your purchasing patterns.

Open banking has the potential to transform e-commerce and establish a seamless in-store experience.

2. Healthcare: Open banking possesses significant potential to optimize and individualize healthcare encounters. Insurers can obtain patients' consent to share health-related financial information, which permits pre-approved medical loans. Imagine that the documentation and anxiety associated with applying for medical loans are eliminated.

Open banking provides peace of mind during critical moments by enabling real-time data access and facilitating automatic funding for approved procedures and medications.

Bid farewell to laborious documentation and tedious billing procedures. Automating claim submissions through open banking can provide patients with expedited reimbursements and simplified financial navigation.

3. Personalized health insurance: Using open banking data helps better understand an individual's financial circumstances and health requirements.

This enables insurers to develop tailored plans with suitable cost structures and coverage, accommodating particular risk profiles and financial susceptibilities.

Conclusion: Open banking has transformed into a data-driven tsunami empowering millions and reshaping the financial landscape, transcending industries. It has an undeniable effect.

The path ahead entails various obstacles, including addressing data privacy concerns, constructing secure ecosystems, and guaranteeing equal access for all.

However, the benefits are too substantial to disregard.

By adopting open banking, we gain access to a realm in which data unifies rather than divides, financial instruments function to our benefit, and all individuals can construct a more promising financial future.

Collaboratively harness the power of this innovative tide to create a financial environment that is more prosperous, individualized, and inclusive for all.

Banks are fighting pressure on several fronts. Lending is down, interest rates are at historic lows, and there's been a decline in investment income.

"Fee income really has served to stabilize revenue in light of the volatile interest-rate environment of the past dozens years," says Greg McBride, Bankrate.com's senior financial analyst.

Big banks are also struggling with out-of-control costs, Moebs notes.

He says banks with assets of around $50 billion or more have exceeded their optimal efficiency level, which he places between $500 million and $5 billion.

"The big banks have gotten themselves in the mess that they're in, and it's a cost mess," he says. "And that is something the average consumer and government officials don't see. They're always saying bigger is better. Bigger is not better."

Taking all expenses into account, including salaries, buildings, and equipment, Moebs estimates that it costs a megabank $350 to $450 to maintain a checking account annually, compared with $175 to $240 for community banks and credit unions.

That "translates to higher fees, higher balance requirements, higher loan rates and lower deposits rates," he says. That's why, he says, overdraft fees for big banks average $35, compared with $28 for small banks and $25 for credit unions.

Scott Talbott, senior vice president of governmental affairs for the Financial Services Roundtable, an industry group, says it's hard to compare institutions of such different sizes. "Banks compete with each other on a daily basis, and those competitive forces result in a wide-variety of products and services being offered to the consumer," he says. 

Analysis performed for Consumer Reports by Informa Research Services, a market-research firm in Calabasas, Calif., found other differences among the more than 1,000 financial institutions it tracks. For example, among those that charge a monthly fee for noninterest checking, the average was $10.27 at the largest 10 banks, compared with $7.45 at banks with less than $4 billion in assets and $6 at the 10 biggest credit unions. The fee was higher ($6.91) at credit unions that had assets below $4 billion than at the largest ones.

An Informa study published in The American Banker in July found that interest rates at community banks were lower than national averages for credit cards, home-equity loans, and lines of credit. But they were higher for five-year auto loans.

Bank of America's debit-card-fee attempt caused particular outrage because customers didn't like the idea of having to pay to get their own money, Hardekopf of LowCards.com says. "There's no charge for writing a check, so why should there be a fee for me to access my own money to buy that tank of gas?" he asked.

David Darnell, co-chief operating officer of Bank of America, says it recognized customers's concerns regarding the debit-card fee. "As a result, we are not currently charging the fee and will not be moving forward with any additional plans to do so," he says.

But a study by the Research Intelligence Group, a market-research company in Fort Washington, Pa., found that customers don't easily forgive. Almost a third of the respondents said they would leave their bank if it charged for debit-card payments, and two in five would harbor ill feelings even if the bank reversed the fees.

Matt McFarland, an attorney from Nashville, Tenn., abandoned Regions Bank last fall for a smaller bank when Regions imposed a monthly $4 charge on debit-card transactions. The bank reversed its decision and refunded charges to customers, but he isn't eager to go back. "They said everyone is going to do this, which turned out to be wrong," he says. "They were trying to put it off on Congress."

Presented by EdgeVerve

In today’s digital age, enterprises often find themselves grappling with the challenge of siloed operations. Limited collaboration and dysfunctional processes that lead to isolated information, operational inefficiencies and missed opportunities are impacting enterprises across all industries. In the realm of financial institutions and their Know Your Customer (KYC) processes, the risks are especially prevalent. 

For financial institutions, extensive documentation dominates the core operations, leaving piles of paper documents to be processed daily for specific tasks. Among those tasks is KYC processing, a critical process for financial institutions, mandated by regulations to verify the identity and suitability of their customers. The guidelines institute that financial entities must undertake customer identification and risk assessment at the time of onboarding clients, and re-KYC at regular intervals.

The process is broken down into three components.

1. Customer identification program: The identity and address of a retail customer must be validated with the credentials in a passport, utility bill, national ID card or driver’s license. Customers present a combination of identity documents, which need to be verified.
2. Customer due diligence: Information about the identity of customers and beneficial owners, for both retail and institutional clients, must be obtained and Checked prior to onboarding and account opening to prevent money laundering, fraud and terrorist financing. 
3. Ongoing monitoring: Post onboarding, periodic review of account holders is required to identify and terminate the relationship with high-risk individuals, fictitious business entities and corporate entities with subsidiaries or associate companies operating in countries placed on sanctions lists.

These tasks are very time-consuming. Processing the variety and volume of documentation is a massive challenge, and despite spending an average of $150 million yearly on KYC operations, many financial institutions still struggle with inefficient and ineffective delivery centers.  

When silos arise because of disjointed sources of KYC document tracking, significant challenges emerge. Silos can lead to departmental autonomy, operational inefficiencies and missed opportunities. As a result, regulatory risks emerge, as gaps in onboarding capabilities can have severe implications, ranging from dissatisfied customers to regulatory violations. 

The technological landscape 

In the digital transformation era, a key challenge for enterprises, particularly in financial institutions, is scaling digital solutions beyond initial pilot projects. The Boston Consulting Group highlights that 70% of companies fail to extend their digital innovations beyond the pilot phase. This results in operations remaining siloed and limiting the potential for enterprise-wide transformation. This issue is acutely felt in KYC processes, where legacy systems often impede seamless data integration and interoperability. Such fragmented technological infrastructures hinder efficient access and sharing of critical customer information across departments, leading to operational inefficiencies and redundancies. Overcoming these barriers requires a strategic approach encompassing financial investment, technical innovation and a commitment to organizational change.

Understanding the root causes

Recognizing the root causes and implications of these silos is the first step towards breaking them down. Different departments, such as compliance, risk management and customer service, often have their own KYC procedures, systems and technologies. At the same time, autonomy can offer each department flexibility, the lack of integration and flow of information results in a duplication of efforts, delays in decision-making, fragmented KYC data and even departmental territorialism. 

But departmental autonomy isn’t the only issue. Piecemeal approaches with legacy systems, overlooking human factors and misjudging the need for modern systems, results in a complex mix of outdated and new systems. The persistence of legacy systems, often due to high replacement costs and risks, hinders digital transformation’s value delivery by weaving a tapestry of complexities across domains as new systems struggle to keep pace with business evolution. All of these factors, combined with notably stringent KYC regulations that must be considered, make disruption and inefficiency inevitable. 

The consequences

Siloed KYC operations in financial institutions often lead to significant operational inefficiencies and increased regulatory risks. When departments like compliance and customer service handle KYC data separately, it results in redundant work, delays and increased costs. This disjointed approach hampers efficiency and poses severe risks in meeting regulatory standards.

Moreover, the lack of a centralized document management system in siloed operations substantially threatens data security. Critical documents scattered across departments increase the risk of unauthorized access and data theft, especially when outdated systems lack robust defences. This fragmented data handling also complicates compliance with regulatory requirements, leading to potential penalties and reputational damage. Ensuring up-to-date and consistent customer profiles becomes challenging, increasing the likelihood of errors and inconsistencies in compliance procedures.

Breaking down silos in KYC: A platform-based approach

On the surface, risk management and technological innovation can seem like an incompatible match. But when you assess the challenges of KYC processes, embracing the digital mindset is the safest route to breaking down silos. 

For example, a leading global bank with a growing load of 25 million KYC documents sought to Excellerate its KYC processing to reduce manual data extraction and validation efforts while ensuring robust regulatory compliance. The bank turned to a single platform-based model, which integrated seamlessly with the client KYC application, helping establish a data pipeline that included supervised and unsupervised learning capabilities for document discovery. As a result, they reduced costs and efficiency while increasing regulatory compliance by enabling complete visibility through a single platform. 

For enterprises to successfully overcome the challenges of siloed KYC operations, there is a pressing need for an AI-powered platform that seamlessly brings together AI capabilities, enabling transformative change. This approach is not just about integrating technology; it’s about reimagining the entire KYC process through innovative solutions:

• Reimagine experiences through single pane of glass: Consolidate all essential data into a unified view, enabling risk analysts to access information efficiently without toggling between disparate systems and applications.
• Reimagine document processing through document AI: Utilize document AI to automate the extraction and processing of information from diverse documents, transforming raw data into valuable insights for decision-making.  
• Reimagine actionable information through single source-of-truth across multiple data sources: Aggregate and harmonize data from varied internal and external sources, providing a consolidated and reliable basis for information verification, independent of individual analyst expertise. 
• Reimagine decision-making through co-pilots:  Enhance decision-making with AI co-pilots that leverage generative AI technologies to contextualize and summarize key policies and procedural manuals. 
• Reimagine journey through transformation blueprint: Shift from labor-intensive, manual processes to a streamlined, system-driven approach, reserving expert intervention for exceptional situations only.

In conclusion, integrating AI-powered platforms in KYC processes marks a significant advancement in the financial sector. By revolutionizing every facet of KYC operations, from document processing to decision-making, these platforms tackle the challenges of siloed operations and pave the way for a more efficient, secure and customer-focused future. Financial institutions adopting this innovative approach are setting new benchmarks in compliance, efficiency and customer engagement. This transformative journey transcends mere compliance, fostering a culture of innovation and excellence in the banking and financial services industry.

Unlock your enterprise’s full potential — embrace the Platform Shift with EdgeVerve

N Shashidhar is VP & Global Platform Head, Edge Platforms at EdgeVerve. Connect on LinkedIn.