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IIROC And FINTRAC Enhance Cooperation To Protect Against Money Laundering - Agreement Also Reduces Regulatory Burden On Canadian Investment Firms

Date 30/05/2019

The Investment Industry Regulatory Organization of Canada (IIROC) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) today announced a new Memorandum of Understanding (MOU) to better protect against money laundering and terrorist financing while reducing the compliance burden on IIROC-regulated investment firms.

The MOU strengthens information-sharing between IIROC and FINTRAC to help each organization fulfil its public interest mandate, while minimizing duplication or overlap of work in their shared commitment to combat money laundering and terrorist financing. Under this agreement, IIROC and FINTRAC will share with each other the AML-related findings from their audits and examinations of Canadian investment firms. The two national regulatory organizations will also maintain close, timely and on-going communications about any activities that may impact the other in their pursuits to protect Canadian investors.

"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," says Andrew J. Kriegler, IIROC's President and CEO. "By sharing the information we collect and working cooperatively, we will streamline the compliance burden on the firms IIROC regulates, while maintaining investor protection."

"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," says Nada Semaan, Director and Chief Executive Officer, FINTRAC. "Together, we will strengthen oversight in the sector, reduce duplication and burden on securities dealers and help to protect Canadians and Canada's economy."

Information-sharing helps IIROC and other regulators close gaps in Canada's financial regulation framework. This MOU with FINTRAC follows similar arrangements IIROC has established with other provincial and national financial regulators in recent years. IIROC also shares information, where appropriate, with other government bodies and law enforcement agencies or authorities as a part of its efforts to improve the consistency and effectiveness of the regulatory system, to protect Canadian investors and the integrity of Canada's capital markets.