Yes, you're correct. There is an agreement in place between the RCMP and the FBI to exchange information in a limited sense through the CPIC interface so that when people are crossing the border, if there's information in the system, they are able to view that.
In the context of a record suspension, that information is sequestered so it is not available. No one is able to view it in the system once it's been sequestered during that process.