Canada

TECHNICAL COMPLIANCE ANNEX
Criterion 40.11— FINTRAC have the power to exchange:
a) The information held in its database (c. 40.8), which does not cover the scope of the information
required to be accessible or obtainable directly or indirectly under R.29, as it does not include
additional information from REs.
b) The information FINTRAC has the power to obtain or access directly or indirectly at the domestic
level (c. 40.8), subject to the principle of reciprocity.
Exchange of Information Between Financial Supervisors
Criterion 40.12— PCMLTFA, allows FINTRAC to enter into information sharing arrangements or
agreements under new s.65(2) with any agency in a foreign state that has responsibility for verifying
AML/CFT. OSFI has broad authority to share supervisory information with domestic and foreign
regulators or supervisors of FIs, including SROs.
Technical compliance Annex
Criterion 40.13— FINTRAC, as the AML/CTF supervisor for entities covered by the PCMLTFA, has
the authority to share with foreign supervisors compliance-related information that FINTRAC has in
its direct possession about the compliance of persons and entities. The information that FINTRAC
may exchange with foreign supervisors is defined by “FINTRAC supervisory MOU Template.”
Canadian authorities indicated that FINTRAC can exchange information domestically available,
including information held by FIs. As regards OSFI, under the OSFI Act a broad exemption is
provided under s.22(2) in favour of the exchange of supervisory information with any government
agency or body that regulates or supervises FIs.
Criterion 40.14— a) FINTRAC and OSFI do not require legislation to exchange regulatory
information, and that they currently exchange such information. Examples were given by FINTRAC
of cross-border cooperation with other regulators.
b) OSFI, under OSFI Act, s.22 can exchange supervisory information with foreign government agency
or body that regulates or supervises FIs which meets this Criterion.
c) PCMLTFA, subsection 65.1 enables FINTRAC to exchange supervisory information with other
supervisors about the compliance of persons and entities, record-keeping and reports. Through its
supervisory examinations and compliance assessment reports, FINTRAC normally obtains
information on REs’ internal AML/CFT procedures and policies, CDD, customer files and sample
accounts and transaction information. FINTRAC is able to exchange this information with other
supervisors. However, this possibility is limited to exchanges with counterparts who are MOU
partners.
Criterion 40.15— FINTRAC can conduct inquiries on behalf of foreign counterparts with which it
has an MOU under PCMLTFA, ss.65.1(1)(a) and 65.1(2).
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Anti-money laundering and counter-terrorist financing measures in Canada - 2016 © FATF and APG 2016