FINTRAC’s Interpretation policy

An interpretation policy is an overarching document that outlines the commitments, practices, and tools to be applied by a department or agency when providing Canadians and businesses with information and guidance on regulatory obligations to be met. It also identifies the conditions under which written responses to questions will be provided.

Agency context

FINTRAC's mandate is to facilitate the detection, prevention and deterrence of money laundering and the financing of terrorist activities, while ensuring the protection of personal information under our control. We fulfill our mandate through the following activities:

• Receiving financial transaction reports and voluntary information on money laundering and terrorist financing in accordance with the legislation and regulations and safeguarding personal information under our control;
• Ensuring compliance of reporting entities with the legislation and regulations;
• Producing financial intelligence relevant to money laundering, terrorist activity financing and threats to the security of Canada investigations;
• Researching and analyzing data from a variety of information sources that shed light on trends and patterns in money laundering and terrorist financing;
• Maintaining a registry of money services businesses in Canada;
• Enhancing public awareness and understanding of money laundering and terrorist activity financing.

This interpretation policy applies to interpretations provided to stakeholders in respect of regulations administered by FINTRAC that are made under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).

Predictability

Plain language commitment

FINTRAC is committed to providing regulatory interpretations that are clear, unambiguous and relevant to the enquiry. FINTRAC will provide responses to regulatory questions in the official language in which the question was posed.

Providing guidance and building awareness

FINTRAC promotes stakeholder involvement in a number of ways in order to build awareness and ensure consistent internal and external communication of regulatory compliance requirements. Measures include:

• Publication of various guidance documents on FINTRAC's website, including:
  • FINTRAC Interpretation Notices
  • FINTRAC Policy Interpretations
  • FINTRAC Guidelines; and
  • FINTRAC's Guidance on the Risk-Based Approach
• Provision of a website subscriber alert service (RSS) that informs stakeholders of issues that may be of interest including advisories for reporting entities and consultations with respect to the making of regulations.

Responding to questions

General regulatory questions

Stakeholders having questions of a general nature on a regulation that is administered by FINTRAC may contact FINTRAC by telephone, by mail, or by e-mail.

FINTRAC generally responds to questions in writing over email. Prior to responding to such enquiries, FINTRAC may seek additional information from stakeholders.

Service

Service commitment

FINTRAC adheres to the Government of Canada Communications Policy which includes a commitment to deliver prompt, courteous and responsive service that is sensitive to the needs and concerns of the public and respectful of individual rights.

Service accountability

FINTRAC is committed to providing a level of service that meets the expectations of our stakeholders. FINTRAC maintains enquiries services (telephone, e-mail, letter mail and fax) that receives enquiries and responds to stakeholder questions or concerns. The enquiries service employs an electronic database that tracks stakeholder contact and ensures that all questions or comments receive a response when required. Where the enquiries service cannot itself respond due to the nature of the subject matter, the service will consult with appropriate individuals within the organization to ensure action is taken or a response provided, as necessary.

Staff training

FINTRAC is committed to ensuring that staff have the necessary skills and technical knowledge to provide accurate and consistent responses to regulatory questions. Internal procedures and reference materials have been developed and are regularly updated for this purpose.

Stakeholder engagement

Commitment to stakeholder engagement

FINTRAC is committed to engaging stakeholders, as appropriate, when developing and reviewing its practices and materials pertaining to regulatory guidance.

Stakeholder engagement practices

Stakeholders are engaged through a number of means, including:

• Formal consultations on legislative and regulatory guidance issued by FINTRAC, to ensure that the development of guidance takes industry views and concerns into consideration,
• Regularly scheduled meetings with industry associations such as the Canadian Bankers Association, the Canadian Real Estate Association, Canadian casinos, provincial Securities regulators, among others – such meetings provide a forum for FINTRAC and industry associations to share information, including upcoming guidance, and sharing of information related to issues identified and proposed solutions; and
• Speeches and presentations to industry, which allow FINTRAC to discuss particular areas of interest or concern and to outline any steps FINTRAC is taking to address the issues at hand.