The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) published new guidance for businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) on private-to-private information sharing.

Under certain conditions, businesses subject to the Act can share personal information with each other to more effectively detect and deter money laundering, terrorist activity financing and sanctions evasion, while maintaining privacy protections for personal information. Engaging in private-to-private information sharing with other reporting entities is voluntary.

A code of practice outlining and explaining how entities comply with private-to-private information sharing must be submitted to FINTRAC for review and to the Office of the Privacy Commissioner of Canada for approval.

For more information:

• Guidance: Private-to-private information sharing
• Model Code of practice
•   Submit a code of practice under the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (Office of the Privacy Commissioner of Canada)