Financial Transactions and Reports Analysis Centre (FINTRAC)
What Is FINTRAC?
The Financial Transactions and Reports Analysis Centre (FINTRAC) is an independent financial intelligence agency in Canada. It operates separately from the country’s police force and other law enforcement agencies, but it has the authority to share financial intelligence with them. FINTRAC is accountable to the Minister of Finance and reports to Parliament.
Established in 2000, FINTRAC operates under the Proceeds of Crime Money (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its regulations. Its primary goal is to identify and investigate instances of money laundering and provide financial intelligence to law enforcement authorities regarding suspected terrorist financing.
FINTRAC is a key player in Canada’s anti-money laundering and anti-terrorist financing (AML/ATF) regime, which is led by the Department of Finance. In 2006, its responsibilities were 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 related to non-registration.
Entities that fall under regulation are required to furnish FINTRAC with various types of information. This includes reports on transactions that are deemed suspicious, suspected terrorist property, large cash transactions, outgoing or incoming international electronic funds transfers (EFTs) exceeding 10,000 Canadian dollars within a 24-hour period, and cross-border currency reporting.