Keynote Remarks at the 29th Annual Flagship Conference on Regulatory Compliance for Financial Institutions

Summary:
The Office of the Privacy Commissioner of Canada prioritizes privacy safeguards, including use limitations, time limits, record keeping, and reporting requirements, when handling personal information. The Commissioner highlights the significance of financial institutions' security and information sharing within the private sector in identifying and disrupting money laundering and terrorist financing activities. The Commissioner recommends the government adopt a safe-harbour provision, similar to other jurisdictions, and encourages collaboration with the Office to conduct privacy impact assessments. The Commissioner also emphasizes the need for improved communication between financial institutions and FINTRAC to reduce unfounded suspicious transaction reports.