The Investment Industry Regulatory Organization of Canada (IIROC) is stepping up information sharing with federal anti-money laundering agency the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
IIROC and FINTRAC have signed a memorandum of understanding (MOU) that will see them share AML-related findings from their audits and compliance exams involving investment dealers.
The agencies said the agreement aims to bolster FINTRAC’s efforts to combat money laundering and terrorist financing, while also reducing the compliance burden on IIROC firms.
“By sharing the information we collect and working cooperatively, we will streamline the compliance burden on the firms IIROC regulates, while maintaining investor protection,” said Andrew Kriegler, president and CEO of IIROC, in a statement.
“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,” said Nada Semaan, director and CEO of FINTRAC, in a statement.
“Together, we will strengthen oversight in the sector, reduce duplication and burden on securities dealers and help to protect Canadians and Canada’s economy,” she added.