FINTRAC Publishes Guidance On Information Sharing Between Reporting Entities

As we previously reported, amendments made earlier this year to the Proceeds of Crime (Money Laundering) Terrorist Financing Act (PCMLTFA) allow reporting entities under the PCMLTFA to voluntarily share information with each other to more effectively detect and deter money laundering, terrorist financing and sanctions evasion.

Privacy protections for personal information shared in this context are in place. Reporting entities must establish and implement a code of practice for the disclosure, collection, and use of personal information. This code of practice must be submitted to FINTRAC and the Office of the Privacy Commissioner of Canada, and the latter must approve it.

New Guidance