FINTRAC is the agency in Canada responsible for ensuring Reporting entity compliance with AML legislation. To assist Reporting entities understand their compliance obligations, FINTRAC publishes guidelines, interpretation notices, and other materials on their website, www.fintrac.gc.ca. FINTRAC may enter the premises of a Reporting Entity or demand the delivery of compliance-related information to conduct an examination.
In their 2009/2010 fiscal year, FINTRAC conducted 691 examinations on its own. FINTRAC can refer non-compliance to law enforcement – it did so 3 times in 2009/2010, 19 times in the 2008/2009 fiscal year, 5 times in the 2007/2008 fiscal year, and 12 times in the preceding year, and can issue administrative monetary penalties on its own (see our FINTRAC penalty chart at http://www.amlcompliance.ca/aml-compliance-obligations/fintrac-fines-and-penalties/).
FINTRAC has agreements with at least 16 partners to share compliance information and duties. By 2008, FINTRAC had 17 agreements with other regulators to share compliance information and duties. In their 2009/2010 fiscal year, these partners performed 327 additional compliance examinations for FINTRAC. It can also reach across borders with foreign compliance agreements, including its first with Australia, announced in March 2009. It is expected that these types of agreements will soon extend to its foreign intelligence partner countries.
FINTRAC’s MOU Partners
Domestic Regulatory Agencies:
FINTRAC is entitled to share compliance related information with any agency or body that regulates or supervises the Reporting entity. They may also enter into an agreement with another department, agency or organization, inside or outside Canada, for the purpose of exercising its compliance powers or performing its compliance related duties.
By 2008, FINTRAC had signed agreements with the following entities to share compliance related information and duties:
The Office of the Superintendent of Financial Institutions (OSFI);
The Alberta Gaming and Liquor Commission (AGLC);
The Alcohol and Gaming Commission of Ontario (AGCO);
The British Columbia Gaming Policy Enforcement Branch (GPEB);
The Saskatchewan Liquor and Gaming Authority (SLGA);
The Investment Dealers Association (IDA);
The Nova Scotia Credit Union Deposit Insurance Corporation (NSCUDIC);
The Nova Scotia Alcohol and Gaming Authority (NSAGA);
The Deposit Insurance Corporation Ontario (DICO);
The Manitoba Credit Union Deposit Guarantee Corporation (CUDGC);
The Financial Institutions Commission of British Columbia (FICOM);
The Office de stabilisation de la Fédération des caisses populaires acadiennes;
The New Brunswick Credit Union Federation Stabilization Board;
The New Brunswick Department of Justice, Insurance Branch;
The Saskatchewan Credit Union Deposit Guarantee Corporation; and,
Autorité des marchés financiers.
In FINTRAC’s 2009/2010 fiscal year, these partners performed 324 additional compliance examinations pursuant to their compliance agreement with FINTRAC.
Foreign Regulatory Agencies:
FINTRAC compliance enforcement can now effectively reach across borders: which may result in fines and penalties in other jurisdictions in which non-compliant Reporting entities operates. The PCMLTFA authorizes FINTRAC to enter into agreements with similar agencies of foreign states to exchange compliance-related information. In March 2009, FINTRAC announced its first such agreement with the Australian Transactions and Reports Analysis Centre (AUSTRAC), expanding on its existing agreement to share money laundering and terrorist financing intelligence. By September 2010, FINTRAC had 62 agreements to share tactical intelligence with foreign countries, including the United States It is widely expected that many of these agreements will be expanded to include compliance sharing provisions.
Other known countries with agreements to share tactical intelligence with FINTRAC include: Albania, Anguilla, Argentina, Armenia, Aruba, Australia, Bahamas, Belgium, Barbados, Bermuda, Bulgaria, Cayman Islands, Colombia, Croatia, Cyprus, Denmark, El Salvador, Estonia, Finland, France, Guernsey, India, Isle of Man, Israel, Italy, Latvia, Liechtenstein, Luxembourg, Malaysia, Mexico, Monaco, Netherlands, New Zealand, Panama, Portugal, Singapore, Slovenia, South Korea, Spain, St. Kitts and Nevis, Thailand, Sweden, Ukraine, the United Arab Emirates, and the United Kingdom.
FINTRAC is the agency in Canada responsible for ensuring Reporting entity compliance with AML legislation. To assist Reporting entities understand their compliance obligations, FINTRAC publishes guidelines, interpretation notices, and other materials on their website, www.fintrac.gc.ca. FINTRAC may enter the premises of a Reporting Entity or demand the delivery of compliance-related information to conduct an examination.
In their 2009/2010 fiscal year, FINTRAC conducted 691 examinations on its own. FINTRAC can refer non-compliance to law enforcement – it did so 3 times in 2009/2010, 19 times in the 2008/2009 fiscal year, 5 times in the 2007/2008 fiscal year, and 12 times in the preceding year, and can issue administrative monetary penalties on its own (see our FINTRAC penalty chart at http://www.amlcompliance.ca/aml-compliance-obligations/fintrac-fines-and-penalties/).
FINTRAC has agreements with at least 16 partners to share compliance information and duties. By 2008, FINTRAC had 17 agreements with other regulators to share compliance information and duties. In their 2009/2010 fiscal year, these partners performed 327 additional compliance examinations for FINTRAC. It can also reach across borders with foreign compliance agreements, including its first with Australia, announced in March 2009. It is expected that these types of agreements will soon extend to its foreign intelligence partner countries.
FINTRAC’s MOU Partners
Domestic Regulatory Agencies:
FINTRAC is entitled to share compliance related information with any agency or body that regulates or supervises the Reporting entity. They may also enter into an agreement with another department, agency or organization, inside or outside Canada, for the purpose of exercising its compliance powers or performing its compliance related duties.
By 2008, FINTRAC had signed agreements with the following entities to share compliance related information and duties:
In FINTRAC’s 2009/2010 fiscal year, these partners performed 324 additional compliance examinations pursuant to their compliance agreement with FINTRAC.
Foreign Regulatory Agencies:
FINTRAC compliance enforcement can now effectively reach across borders: which may result in fines and penalties in other jurisdictions in which non-compliant Reporting entities operates. The PCMLTFA authorizes FINTRAC to enter into agreements with similar agencies of foreign states to exchange compliance-related information. In March 2009, FINTRAC announced its first such agreement with the Australian Transactions and Reports Analysis Centre (AUSTRAC), expanding on its existing agreement to share money laundering and terrorist financing intelligence. By September 2010, FINTRAC had 62 agreements to share tactical intelligence with foreign countries, including the United States It is widely expected that many of these agreements will be expanded to include compliance sharing provisions.
Other known countries with agreements to share tactical intelligence with FINTRAC include: Albania, Anguilla, Argentina, Armenia, Aruba, Australia, Bahamas, Belgium, Barbados, Bermuda, Bulgaria, Cayman Islands, Colombia, Croatia, Cyprus, Denmark, El Salvador, Estonia, Finland, France, Guernsey, India, Isle of Man, Israel, Italy, Latvia, Liechtenstein, Luxembourg, Malaysia, Mexico, Monaco, Netherlands, New Zealand, Panama, Portugal, Singapore, Slovenia, South Korea, Spain, St. Kitts and Nevis, Thailand, Sweden, Ukraine, the United Arab Emirates, and the United Kingdom.