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Provincial Casino Regulators, FINTRAC Sign Agreement

OTTAWA – (PRESS RELEASE) -- The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and five provincial casino regulators have signed memoranda of understanding (MOU) to assist in Canada's efforts to combat money laundering and terrorist activity financing. The agreement will allow for the exchange information related to compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).

These partnerships will help reinforce Canada's fight against organized crime while minimizing potential overlap in carrying out compliance examinations, thereby reducing the administrative and regulatory impact for casinos.

For its part, FINTRAC will provide information to the casino regulators to facilitate their risk assessment of casinos subject to the PCMLTFA. In turn, the casino regulators will provide FINTRAC with information regarding adherence to and compliance with the Act and regulations by casinos in their respective jurisdictions.

Provincial regulators that have signed MOUs with FINTRAC include the British Columbia Gaming Policy and Enforcement Branch, the Alberta Gaming and Liquor Commission, the Saskatchewan Liquor and Gaming Authority, the Alcohol and Gaming Commission of Ontario and the Nova Scotia Alcohol and Gaming Authority.

These MOUs are in addition to similar agreements FINTRAC has initiated with some regulators in other sectors, including banking, life insurance, trusts, securities and credit unions. These sectors are required to keep certain records, identify clients, maintain compliance regimes, and submit reports to FINTRAC consistent with their obligations under the PCMLTFA.

Created in 2000, FINTRAC is Canada's financial intelligence unit, with a mandate to detect and deter money laundering and terrorist activity financing in Canada and abroad.

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