News Release: FINTRAC reinforces its partnership with the Investment Industry Regulatory Organization of Canada

May 30, 2019 – Ottawa – Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)

Regulators are strengthening their collaborative efforts to identify and combat money laundering and terrorist activity financing risks in the securities dealers sector across Canada.

FINTRAC announced today that its Memorandum of Understanding with the Investment Industry Regulatory Organization of Canada (IIROC) has been strengthened to allow for greater cooperation and information sharing in the fight against money laundering and terrorist activity financing, while reducing the duplication of effort and the compliance burden for Canadian securities dealers.

Under this enhanced Memorandum of Understanding, FINTRAC and IIROC will be able to share compliance-related information, including the results of compliance examinations, in order to strengthen the compliance of securities dealers with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The sharing of information facilitated by this Memorandum of Understanding will also help increase the knowledge and expertise of each organization in relation to new and evolving trends and money laundering and terrorist activity financing risks in the investment sector and broader Canadian financial system.

Quotes

"We are pleased to work more cooperatively with the Investment Industry Regulatory Organization of Canada to more effectively combat money laundering and terrorist activity financing in the investment industry and Canadian financial system. Together, we will strengthen oversight in the sector, reduce duplication and burden on securities dealers and help to protect Canadians and Canada's economy."

Nada Semaan, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada

"Agreements such as this one between IIROC and FINTRAC demonstrate our collaboration to detect and deter any suspicious activities that could threaten the integrity of Canada's capital markets. By sharing the information we collect and working cooperatively, we will streamline the compliance burden on the firms IIROC regulates, while maintaining investor protection."

Andrew J. Kriegler, President and CEO of Investment Industry Regulatory Organization of Canada

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Media Relations
Financial Transactions and Reports Analysis Centre of Canada
613-947-6875
communications3@fintrac-canafe.gc.ca

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