News Release: FINTRAC meets with leading money services businesses
December 14, 2016 – Ottawa – Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
As part of its collaboration with the International Supervisors Forum (ISF), the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Canada's financial intelligence unit, met with senior executives of Western Union, MoneyGram and RIA in Washington to discuss the ISF's role and initiatives, share information and create an ongoing dialogue on prevalent compliance matters.
Some of the topics covered included:
- How money services businesses manage compliance issues in high-risk jurisdictions and respond to advisories issued by their domestic or international regulators;
- How money services businesses with a global footprint address enterprise-wide risks;
- Successes, challenges and ongoing initiatives in regards to agent supervision; and
- How money services businesses identify and report on foreign terrorist fighters.
Money services businesses play a critical role in identifying, mitigating and managing those risks across multiple jurisdictions through major agent networks, many who transact to high-risk jurisdictions with less advanced money laundering and terrorism financing regulatory regimes.
ISF members have been formalizing agreements that will allow for information and documents to be shared on a consistent basis. As a result, ISF members are working together, and in conjunction with their respective law enforcement agencies, sharing operational practices, methodologies and training, as well as leveraging resources in order to strengthen the international anti-terrorist financing and anti-money laundering regulatory community. These activities form the foundation of the work the ISF will carry out.
- The ISF was established in 2013 by regulatory agencies from Canada, the United States, the United Kingdom, Australia and New Zealand.
- The ISF provides a venue for sharing information and best practices between anti-money laundering and anti-terrorism financing regulators in these countries.
- ISF members regulate a significant number of money services businesses that have a presence in some or all of its jurisdictions.
- The ISF intends to co-ordinate, on a global level, compliance and enforcement activities on entities within the money services business industry.
"As founding members of the International Supervisors Forum, FINTRAC recognizes the importance of strengthening global cooperation in the fight against money laundering and terrorism financing, and enhancing compliance and supervisory regimes around the world."
FINTRAC is an arm's length agency governed by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act that reports to Parliament through the Minister of Finance. The Centre produces financial intelligence that assists law enforcement and national security agencies in combatting money laundering, terrorist activity financing and threats to the security of Canada.
FINTRAC ensures the compliance of financial entities, securities dealers, casinos, money services businesses and others across the country that have legal obligations to: establish a compliance program; identify clients; monitor business relationships; keep records; and report certain types of financial transactions, including suspicious transactions and international electronic funds transfers of $10,000 or more.
FINTRAC is part of Canada's anti-money laundering and anti-terrorist financing regime. The initiative is led by the Department of Finance and also includes the Royal Canadian Mounted Police, the Canadian Security and Intelligence Service, Public Safety Canada, the Canada Revenue Agency, the Canada Border Services Agency, the Communications Security Establishment, the Department of Justice and the Public Prosecution Service of Canada.
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Financial Transactions and Reports Analysis Centre of Canada
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