Thank you for the question.
I appreciate being back at INDU again.
The Proceeds of Crime (Money Laundering) and Terrorist Financing Act is the act that essentially binds the financial community in the way it helps root out money laundering, white-collar crime and various other aspects.
The regulations have an important crosswalk over to the beneficial ownership transparency provisions of the Canada Business Corporations Act as proposed, in part because, essentially, we're asking for similar information under the two statutes. One is under a regulatory framework, because it requires banks to collect a whole series of different information, and it evolves as we understand the nature of financial transactions, whereas this will be a legislative obligation on corporations under the Canada Business Corporations Act, which we feel comfortable legislating, in part because we know distinctly what information we're looking to collect.
We've kept ourselves a certain amount of regulatory flexibility to add to it over time, but by collecting the information at the level of the corporation and then also through the regulations at the level of the financial institution, we allow for those discrepancies to emerge and we allow for law enforcement to have yet another element by which they can start to piece together all of these different aspects to get at the ultimate money launderer or white-collar criminal.