Finance committee  We do not. We only receive information pertaining to the institutions we regulate, which are the federally regulated institutions.

Finance committee  With respect to the mortgage issues, it is not an area of my specialty. My focus is on AML only, and OSFI's mandate is only pertaining to the federally regulated financial institutions.

Finance committee  There is an MOU that permits the exchanging of information between OSFI and FINTRAC. We do exchange information with federally regulated financial institutions. In addition to that, we have been working collaboratively to work more efficiently and reduce the regulatory burden on

Finance committee  Right. In the FATF report, the Financial Action Task Force mutual evaluation report, it was recognized that there could be opportunities for us to work more efficiently. We are very focused on the scope of our work with respect to on-site assessments, to ensure that we are reduci

Finance committee  Our focus is with respect to the quality of controls that the institutions put in place to manage their risks. With respect to the cost of compliance, we do not aggregate that information.

Finance committee  Thank you, and good afternoon. As the chair said, my name is Christine Ring, and I'm the Managing Director of the AML and Dompliance Division at OSFI. With me is Erin Feeney, one of my directors. To respect the members' time for questions, I will also shorten my remarks, which

Foreign Affairs committee  The entities that you mentioned do not fall within the scope of OSFI's mandate. Credit unions fall under the scope of FINTRAC. I would suggest the committee may want to ask the question of FINTRAC.

Foreign Affairs committee  Is it registered as a money service business?

Foreign Affairs committee  It has its own act. It may fall under provincial regulation.

Foreign Affairs committee  That again would be outside of OSFI.

Foreign Affairs committee  I'm not in a position to comment on the effectiveness of another agency.

Foreign Affairs committee  We do interact.

Foreign Affairs committee  I do not know.

Foreign Affairs committee  I cannot comment on that particular gap. I would suggest that the committee ask the policy-makers or Parliament as to why this is not included in OSFI's mandate.

Foreign Affairs committee  I can't comment on comments or concerns from the industry. I would suggest that the committee may want to seek input from industry itself to speak to these matters.