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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
FINTRAC recently published detailed guidance on information sharing, as well as a Model Code of Practice. Reporting entities that wish to share information with one another, should carefully review the guidance to ensure compliance with their obligations under the PCMLTFA.
For questions about information-sharing requirements for reporting entities, please contact any member of our Financial Services Regulatory Group.
The content of this article does not constitute legal advice and should not be relied on in that way. Specific advice should be sought about your specific circumstances.
