The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed 16 administrative monetary penalties against firms that are required to report suspicious transactions, during its latest fiscal year.
In its 2013–14 annual report issued earlier this week, FINTRAC indicates that the anti-money laundering agency made over 1,100 disclosures of financial intelligence to police and other security agencies to help investigations of possible money laundering, terrorist financing, and other crimes.
The report also notes that the agency has revised its compliance program to ensure that businesses are meeting their obligations to provide it with financial transaction reports. The sorts of business required to make reports to FINTRAC include securities dealers, insurance firms, accountants and others.
During the year, FINTRAC conducted 1,126 compliance examinations, and provided almost 300 policy interpretations to various businesses, the report says. It also notes that the agency imposed monetary penalties in 16 cases, which brings the total to 57 cases since regulations giving it the authority to impose these kinds of sanctions came into force in December 2008.
“Money laundering and terrorist financing pose a real and significant danger to our citizens, our institutions and our financial system,” said FINTRAC director, Gérald Cossette.