The registry is intended to help FINTRAC with its compliance efforts. FINTRAC uses a collaborative approach to compliance.
I should just back up for a second and clarify this a little. The FATF standards require that each member have either a licensing or registration scheme for money services businesses. What we are proposing is a registration system, not a licensing system, so it's not a regulatory system. The idea is to essentially have a better understanding of who the money services businesses are out there.
I don't think you would be surprised if I say there are literally hundreds of thousands of these businesses out there. Some are very large and some are extremely small. It is always a challenge to try to communicate obligations for some of the smaller reporting entities. So this is going to help FINTRAC with its outreach in terms of reaching the smaller organizations and making them aware of what their obligations are under the law, how they can be compliant with the obligations, and doing that in an effective manner.