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ARTICLE · 18 DECEMBER 2020

OSC-FINTRAC MOU For Information Sharing

Osler, Hoskin & Harcourt LLP
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On December 3, 2020 the Ontario Securities Commission (the OSC) and Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)

CanadaCorporate/Commercial Law
Lawrence Ritchie
Lawrence Ritchie
Elizabeth Sale
Elizabeth Sale
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On December 3, 2020 the Ontario Securities Commission (the OSC) and Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) announced that they have entered into a memorandum of understanding (the "MOU") regarding information sharing between the two regulators. Securities dealers and advisers that are registered with the OSC are also "reporting entities" under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the "PCMLTFA") and are subject to oversight by both regulators. In 2020, FINTRAC conducted compliance examinations of 58 securities dealers, representing 15% of the total number of reporting entities audited.

The MOU will provide each of the OSC and FINTRAC with access to information regarding the other's audit processes and findings with respect to the anti-money laundering/anti-terrorist financing ("AML/ATF") compliance programs of registered firms. It is expected that information sharing will improve audit efficiency at both

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