If properly implemented, could open up a new front in Canada’s fight against financial crime; its about time
government is moving into the 21st century and belatedly giving banks an important tool to foil financial criminals.
The proposed amendments to the Proceeds of Crime and Terrorist Financing Act will also apply to other businesses – although the government doesn’t specify which ones. Provisions of the 2001 Patriot Act, passed after the Sept. 11 terrorist attacks, offered U.S. banks a “safe harbour” – a provision that shields them from legal liability if they participate in data-sharing partnerships to catch criminals.
The government also needs to anticipate other potential friction points for banks by learning from the early missteps made in other countries. For instance, during the early days of information sharing in the United States, most financial institutions were only sharing limited information by using secure e-mail and attachments.
In addition to automating the information-sharing process, FRAMLxchange is capable of running analytics across multiple banks and creates opportunities for those lenders to share data voluntarily about problematic clients. “I think the ambition in Canada needs to be to create that regulatory clarity to allow private-to-private information sharing within the confines of privacy protection,” he said.
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