Thank you, Hartland.
As Hartland mentioned, my name is Michael Donovan. I'm very happy to be here in my capacity as the chair of the CBA's anti-money laundering specialist group. I appreciate the opportunity to speak on Bill C-12 today.
I want to highlight the commitment of CBA members to an efficient and effective AML regime. CBA members recognize the leadership role they play within Canada's AML regime. They make significant investments in their AML programs and work closely with FINTRAC, the Department of Finance Canada, law enforcement agencies and prudential regulators to deter and detect money laundering, terrorist financing and sanctions evasion activities. They also participate actively in discussions and consultations with government to help inform the ongoing evolution of Canada's AML regime.
We feel that adopting the technical changes to Bill C-12, as Hartland has outlined today and in our brief that we provided to the committee, will help ensure a fit-for-purpose, risk-based AML regime that can more effectively target and keep pace with evolving risks. This will strengthen our collective ability to protect the interests of all Canadians.
Thank you very much.