VISION, MISSION & RESPONSIBILITIES

CARFIS is an independent public supervisory authority overseeing the investment services market, transactions in transferable securities within Canada, and the collective investment and asset management sector. Additionally, CARFIS supervises firms providing administrative services outside its primary jurisdiction, alongside the Canadian Bar Association, as well as Crypto-Asset Services Providers (CASPs).

CARFIS

The CARFIS Department is tasked with overseeing the compliance of the Regulated Entities with their responsibilities under the Prevention and Suppression of Money Laundering Activities Law of 2005, as amended, and the Directive for the Prevention and Suppression of Money Laundering and Terrorist Financing.

The responsibilities of the CARFIS Department include, among others:

  • Monitoring, evaluating, and overseeing the implementation of the Law and Directive by the Regulated Entities.
  • Supervising Regulated Entities’ ongoing obligations through both onsite and offsite inspections to assess the adequacy and effectiveness of their measures and procedures.
  • Participating in the “Advisory Authority for Combating Money Laundering,” established under section 56 of the Law.
  • Engaging in committees with representatives from relevant supervisory authorities, both within Canada and internationally, to prevent money laundering and terrorist financing.
  • Contributing to evaluations by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and Terrorist Financing.
  • Drafting and publishing Directives, Guidelines, and Circulars in line with the legislation governing Regulated Entities’ operations.
  • Providing education to Regulated Entities on preventing money laundering and terrorist financing.