End-to-End STCS Reporting: Streamline Your Monthly Compliance Cycle
In an environment of evolving sanctions and terrorism-financing threats, Suppression of Terrorism and Canadian Sanctions reporting (STCS) underpins Canada’s market integrity framework. Regulators provide the STCS Guide, reporting templates and e-filing portals, but assign full operational responsibility to each firm . Missed deadlines or incorrect filings can lead to regulatory inquiries, administrative penalties and reputational harm . A professional AML consulting partner embeds robust controls and ensures seamless, on-time compliance every month.
Why STCS Reporting Matters
Regulatory Foundation: Monthly STCS reports stem from federal statutes (Criminal Code) and the Magnitsky Law, reflecting Canada’s commitment to counterterrorism and global sanctions enforcement.
Zero-Tolerance Timing: Nil reports are due by the 14th of each month; positive Magnitsky findings must be filed without delay and updated quarterly.
Senior-Officer Oversight: Each report requires CCO-level attestation, reinforcing accountability and governance.
Audit-Ready Records: Firms must preserve screening logs, signed reports and correspondence for regulator exams (industry standard is five years).
Key Questions Canadian Securities Firms Ask
1. What is STCS reporting and why is it required?
STCS reporting covers monthly and ad hoc filings under federal laws, obliging firms to declare whether they hold or deal in property of Sanctions- or Terrorism-designated persons . Our consultants translate this rule into a repeatable process, ensuring zero-miss cycles.
2. Who must file monthly STCS reports?
Any entity registered or exempt under provincial securities laws—including dealers and advisers—must submit STCS filings . We tailor our service to your registration category and ensure your process aligns with CIRO, OSC and CSA regimes.
3. Which federal provisions trigger STCS obligations?
Currently, only the Criminal Code and the Justice for Victims of Corrupt Foreign Officials Act require monthly STCS reports (nil and positive for the former; positive-only for the latter) . We codify these triggers in your screening logic, eliminating regulatory guesswork.
4. When is the deadline for nil filings?
Nil STCS reports must be delivered to your Principal Regulator by the 14th calendar day of each month (next business day if that falls on a weekend/holiday) . Our SLA-backed workflow automates reminders to guarantee on-time submission.
5. How do I handle positive Magnitsky findings?
When property of a Magnitsky-designated person is detected, you must file “without delay” and update quarterly . We manage end-to-end report drafting and regulator liaison to accelerate your response.
6. Which report template should I use?
Use the CSA’s standardized STCS Report form (current edition), available via the STCS Guide or your regulator’s portal . We maintain version control and deliver a validated, ready-to-file report each month.
7. Who must review and sign every report?
A senior officer—ideally your Chief Compliance Officer—must physically or electronically sign each report to certify its accuracy . Our service includes CCO-friendly e-signature workflows with audit trails.
8. How long should I keep STCS records?
While Staff Notice 31-352 doesn’t prescribe exact retention, industry practice—and provincial audit requirements—is five years . We provide a secure repository with indexed, accessible storage.
9. What if I miss the filing deadline?
Late or missing STCS submissions can trigger regulator follow-up and daily late-filing fees (e.g., OSC charges $100 per business day up to $5,000/year) . Our automated scheduler eradicates that risk.
10. Can I outsource or delegate STCS reporting?
Yes. Neither CIRO nor the CSA stipulate in-house execution. You remain responsible, but may outsource to qualified AML consultants under robust oversight .
11. How do I keep my screening current?
The STCS Guide recommends monthly review of federal provisions and designated-person lists . We feed you real-time updates and automate change-management alerts.
12. What are common audit findings?
Regulators routinely note incomplete CCO attestations, reporting-period gaps and use of outdated templates (based on our audit support engagements). We pre-empt these through mock audits and template-lock processes.
13. How can I streamline the STCS cycle?
Best practice is to combine automated screenings, report-preparation templates, e-signature workflows and a centralized document hub—precisely what our turnkey service delivers.
14. Where can I get ongoing support?
CIRO’s Sanctions Reporting portal and OSC’s Contact Centre (e.g., [email protected], 1-877-785-1555) offer technical help; CSA Staff Notice 31-352 directs interpretive questions to federal bodies or legal counsel . We manage all such interactions on your behalf.
How Platino Consulting Firm Adds Value
Process Design & Automation: From intake to filing, we codify every STCS step into an efficient, SLA-backed workflow.
Senior-Officer Coordination: CCO e-signature orchestration with reminder alerts and audit trails.
Scalable Engagement Models: Project-based, retainer or fully managed service to fit your size and risk profile.
Peace of Mind: Zero missed deadlines, zero regulatory surprises—100% compliance assurance.
STCS reporting is non-negotiable—but it need not be painful. Contact Platino Consulting today for a complimentary STCS process review, and discover how our expert team transforms your monthly reporting cycle into a competitive advantage.
