What obligations does FINTRAC have?

What obligations does FINTRAC have?

The Canadian Financial Transactions and Reporting Analysis Center (FINTRAC) is the financial intelligence unit in Canada. The center’s mission is to assist in the detection, prevention and deterrence of activities related to the illegal circulation of funds and the financing of terrorist operations. FINTRAC makes a unique contribution to safeguarding the safety of Canadians and protecting the integrity of the Canadian jurisdiction’s financial field through its financial intelligence and compliance functions.

FINTRAC does not depend on police services, law enforcement agencies or any other similar type of organization to authorize it to disclose financial information to them. This structure is subordinate to the Minister of Finance, who is a person accountable to parliament regarding the activities of the center.

FINTRAC was created and currently operates under the Law in charge of the proceeds of crime and the financing of terrorist operations. The Center acts as one of several national partners of the Canadian regime established to combat the above phenomena. The Ministry of Finance is in charge of all this.

FINTRAC participates in the following activities, thereby fulfilling its mandate:

  • ensuring the protection of personal information under your control;
  • receiving relevant reports on financial transactions and voluntary information that is consistent with the provisions of laws and regulations;
  • ensuring that reporting entities comply with regulations;
  • maintaining a record and register of all businesses that provide monetary services in Canada;
  • preparation of financial intelligence operations that relate to investigations related to money laundering, terrorist financing and threats and risks to the security of Canada;
  • analysis and study of data obtained from various sources of information that shed light on patterns and trends of money laundering and investment in terrorist activities;
  • raising public awareness of money laundering activities and investment in terrorist operations.

Among other things, FINTRAC is part of the Egmont Group, an international network of financial intelligence units that cooperate and exchange information to combat illicit cash flows and terrorist financing. In addition, FINTRAC is a permanent participant in such forums, which discuss these problems in other international developments and associations.

About FINTRAC

FINTRAC plays a critical role as an anti-money laundering and terrorist financing regulator and as Canada’s financial intelligence unit. In particular, FINTRAC is of great importance in combating threats to the security of Canada.

This structure provides important financial information that is aimed at supporting investigations into illicit cash flows and financing of terrorist groups by the Canadian police, law enforcement and national security officials. In addition, FINTRAC is responsible for generating valuable strategic financial information, in particular specialized reports on research and trend analysis, for regime partners and policy makers, for enterprises and international partners, shedding light on security threats and the scale of illegal cash flows and investing in terrorism.

FINTRAC’s financial intelligence operations are in high demand globally, as well as the center’s specialized supervisory expertise and analytical expertise. The organization is constantly asked to organize and conduct international conferences, seminars and contribute in every way to the development of global research projects and other initiatives.

In fulfilling the tasks in the financial intelligence industry that are imposed on FINTRAC, the center is obliged to protect the information it receives and discloses to the police, law enforcement officials or Canadian national security authorities. FINTRAC understands and recognizes that protecting privacy is one of the critical factors in maintaining Canadians’ trust in FINTRAC and similar entities. It also contributes to the spread of trends in the fight against illicit cash flows and investment in terrorism.

FINTRAC is headed by a director and chief executive officer, both of whom are appointed by the governor’s council.

If you have additional questions regarding regulating of MSB licensed companies by FINTRAC please do not hesitate to contact us.

For details: Julia.z@eternitylaw.com / Telegram @juliazhil

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