The Financial Transactions and Reports Analysis Centre (FINTRAC) of Canada is the nation’s financial intelligence agency.
The
Financial Transactions and Reports Analysis Centre (FINTRAC) of Canada is the nation’s financial intelligence agency. FINTRAC acts independently of Canada’s police force and other law enforcement agencies to which it is authorized to disclose financial intelligence. The Centre reports to the Minister of Finance, who in turn is accountable to Parliament.
FINTRAC was established in 2000 and operates under the Proceeds of Crime Money (Money Laundering) and Terrorist Financing Act (
PCMLTFA) and its regulations. Its mission is to detect and investigate money laundering, as well as disclose financial intelligence to the respective law enforcement authorities regarding suspected terrorist financing.
It is one of several partners in Canada’s anti-money laundering and anti-terrorist financing (AML/ATF) regime, which is led by the
Department of Finance. In 2006, FINTRAC’s mandate was expanded under
Bill C-25 to include the enforcement of client identification, record keeping, and registration for financial services businesses and foreign exchange dealers, as well as offenses for not registering.
Regulated entities are required to provide FINTRAC with information including suspicious transactions, suspected terrorist property, large cash transactions, outgoing or incoming international EFTs of over 10,000 Canadian dollars within 24 hours, as well as cross-border currency reporting.