Facts about the Financial Transactions and Reports Analysis Centre of Canada

OTTAWA – Some facts about the Financial Transactions and Reports Analysis Centre of Canada, known as Fintrac:

What is it? An arm’s-length federal agency based in Ottawa with a mandate to assist in the detection, deterrence and prevention of money laundering and the financing of terrorist activities.

Year created: 2000.

Number of employees: 364.

Budget: $51.5 million.

What does it do? Analyzes financial transaction reports and discloses intelligence to law enforcement, the Canadian Security Intelligence Service, the Canada Revenue Agency, the Canada Border Services Agency and foreign counterparts where it has reasonable grounds to suspect the information would assist in the investigation of money laundering and terrorist activity financing offences or threats to national security.

Who helps Fintrac? More than 31,000 banks, securities dealers, casinos, money services businesses and others across the country have legal obligations to establish a compliance program, identify clients, monitor business relationships, keep records and report certain types of financial transactions, including suspicious transactions and international electronic fund transfers of $10,000 or more.

Source: Financial Transactions and Reports Analysis Centre of Canada