IIROC and FINTRAC enhance cooperation to combat money laundering

By The IJ Staff | May 30 2019 01:30PM

The Investment Industry Regulatory Organization of Canada (IIROC) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) announced on May 30 a Memorandum of Understanding that has the goal of better protecting against money laundering and terrorist financing while reducing the compliance burden on investment firms.

The Memorandum of Understanding (MOU) strengthens information-sharing between IIROC and FINTRAC. This will minimize the organizations’ duplication of work aimed at combatting money laundering and terrorist financing. In particular, IIROC and FINTRAC will share AML-related findings from their audits and examinations of Canadian investment firms. They will also “maintain close, timely and on-going communications about any activities that may impact the other in their pursuits to protect Canadian investors,” say the organizations.

Streamlining the compliance burden

"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," said 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."

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