Thank you.
As part of the bill, Corporations Canada maintains the responsibility for the registry and is being provided a tool kit to ensure its integrity. From an anti-money laundering FINTRAC perspective, we have reporting entities, which are entities that have existing anti-money laundering requirements. Under existing requirements, they already have to verify beneficial ownership information.
Part of this bill is to require those entities to notify Corporations Canada while they're conducting their business if they notice any discrepancies between the information that they're receiving from their corporate clients and what's available in the public registry. Corporations Canada would then exercise their tools to conduct the proper follow-ups.