Montreal – The Autorité des marchés financiers (AMF) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) have signed a memorandum of understanding (MOU) to share compliance information pursuant to various pieces of legislation enforced by the AMF as well as compliance information pursuant to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) enforced by FINTRAC.
The purpose of the MOU is to enable AMF to actively participate in the program to fight money laundering and terrorist financing and to fulfill its responsibilities as a regulatory and supervisory body for financial markets. The MOU also minimizes possible duplication of AMF’s and FINTRAC’s compliance reviews in various financial areas in Québec, thereby reducing the regulatory burden for the various stakeholders subject to the legislation and regulations enforced by the two bodies.
FINTRAC will provide AMF with information so that it can assess the risks related to using various compliance and inspection programs for clients subject to the Act. In exchange, AMF will provide FINTRAC with compliance information on the acceptance and application of the Act and its regulations by the various stakeholders.
This new partnership is the first of its kind in Québec, particularly in this key financial area.
Under the current provisions of the Act, FINTRAC will not disclose personal information related to money laundering, terrorist activity financing or threats to the security of Canada under this MOU. The initiative will provide the foundation for a strong relationship between the two bodies so they can work together as partners in the fight against money laundering. The AMF hopes that the Act will develop to permit it to be recognized as an organization that can have access to additional information regarding the entities and individuals that it regulates.
Created in 2000, FINTRAC is Canada’s financial intelligence unit. It is an independent agency responsible for collecting, analyzing and disclosing financial intelligence. FINTRAC’s mandate is to detect and deter money laundering and terrorist activity funding in Canada and abroad. This mandate and Canada’s fight against organized crime will be strengthened by the partnerships that are currently being developed with provincial regulators as part of compliance information-sharing activities.
AMF is the regulatory and supervisory body for Québec’s financial sector.
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Frédéric Alberro (514) 940-2176
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