Partners and counterparts

Canada's financial intelligence unit and anti‑money laundering and anti‑terrorist financing (AML/ATF) supervisor. FINTRAC helps to combat money laundering, terrorist activity financing, sanctions evasion and threats to the security of Canada.

Canada's prudential regulator and supervisor of most banks, federal insurance companies, and trust and loan companies. Its role is to determine whether they are in sound financial condition.

Oversees and enforces compliance with the PCMLTFA and its regulations across reporting entities, including financial entities, securities dealers, life insurance companies, brokers and agents, casinos, money services businesses, and real estate brokers and sales representatives, among others.

FINTRAC is the primary agency responsible for conducting anti-money laundering and anti-terrorist financing assessments of federally regulated financial institutions and ensuring their compliance with the PCMLTFA. This includes evaluating whether AML/ATF programs are reasonably designed, risk‑based and effective, and applying supervisory measures such as administrative monetary penalties and mandatory compliance agreements, as appropriate.

Established to protect depositors, policyholders, financial institution creditors, and pension plan members, while allowing financial institutions to compete and take reasonable risks.

OSFI does not administer the PCMLTFA, but considers AML/ATF deficiencies, including those identified by FINTRAC, as potential indicators of broader weaknesses in governance, risk management, internal controls or culture that may affect a financial institution's prudential soundness.

FINTRAC discloses financial intelligence to OSFI where there are reasonable grounds to suspect that the information would be relevant to threats to the security of Canada and that the information is relevant to the exercise of the powers or performance of the duties and functions of the Superintendent of OSFI.

FINTRAC may also share with OSFI strategic intelligence related to money laundering, terrorist activity financing, sanctions evasion and the financing of threats to the security of Canada, subject to statutory limits.

FINTRAC informs OSFI when it determines that a financial institution has committed material non‑compliance with the PCMLTFA, including deficiencies in AML/ATF program design or effectiveness.

Through its membership of the Financial Institutions Supervisory Committee (FISC), FINTRAC contributes supervisory insights informed by its AML/ATF mandate, to help support collective assessments of the safety and soundness of federally regulated financial institutions.

When FINTRAC determines that a financial institution fails to meet its regulatory compliance requirements of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, OSFI is informed and takes action because it could indicate weakness in a financial institution's risk control environment or corporate culture.

Based on FINTRAC's information, OSFI will undertake supervisory examinations to verify that the institution has effective corporate governance, appropriate regulatory compliance management and oversight of culture risks in place.

OSFI considers significant FINTRAC compliance findings and outcomes as part of its overall prudential risk assessment, while exercising its mandate independently under the OSFI Act.

Through FINTRAC's membership on the Financial Institutions Supervisory Committee (FISC), OSFI also shares relevant supervisory observations and system‑wide risk insights to support collective assessments of the safety and soundness of federally regulated financial institutions.Information shared through FISC is supervisory in nature, and FINTRAC's contributions support OSFI's supervisory assessments of institution controls, not enforcement or investigative activities.

Secretary of the Treasury
Scott Bessent

Vice Chair for Supervision, Board of Governors of the Federal Reserve System
Michelle W. Bowman

Comptroller of the Currency,
Jonathan V. Gould

Chancellor of the Exchequer,
Rachel Reeves

Deputy Governor for Prudential Regulation and Chief Executive Officer of the Prudential Regulation Authority,
Sam Woods

Minister of Finance,
Katy Gallagher MP

Australian Prudential Regulation Authority Chair,
John Lonsdale