Eternity Law International News What obligations does FINTRAC have?

What obligations does FINTRAC have?

May 3, 2021

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.


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: / Telegram @juliazhil

Please feel free to join our telegram channel  in order to keep updated for the new offers and ready-made companies for sale.

Every week we have new jurisdiction to offer a ready-made turn-key solution! We work worldwide.

Please contact us to get more information regarding companies on sale.

You could be interested

Opening bank accounts around the world

Open a bank account. Eternity Law International assists in opening bank accounts in over 120 banks around the world. It is very easy to open a bank account with us. Due to the constant tightening of banking systems around the world, the introduction of automatic exchange of tax and banking information in many countries around...

Company registration in Lithuania

Entrepreneurs often choose Lithuania to register their own company for several reasons: potential access to European markets; protection against double tax payments; the registration process takes no more than a day; renewal payments must be made starting from the second year of the companyэs operation. As an offshore zone, Lithuania is not often mentioned. Despite...

MSB license in Canada: overview

Companies dealing in cryptocurrencies are obliged to acquire an MSB license in Canada to continue the provision of services in this state. Under the PCMLTFA, these companies should complete registration with the FINTRΑC to ensure the proper business operation. Generally, all institutions offering finance-related services, crypto exchange services, and issuance services must acquire an MSB license and FINTRΑC...

Blockchain Life Forum 2021

Blockchain Life Forum 2021 will take place on October 27-28 in Moscow, Music Media Dome. Blockchain Life 2021, the seventh largest live forum dedicated to blockchain, mining and cryptocurrencies, will be held in Moscow on October 27-28. The forum annually brings together more than 5 thousand participants. More information about the event can be found...

Gaming licenses in Africa

Today, leading gamble operators consider Africa as a jurisdiction for expansion of their activities. With a booming economy and growing loyalty to betting, gambling licenses in Africa give many promising opportunities for investors. Below, we will consider key trends in gaming sphere and tax measures in the country. General description of I-Gaming market in Africa...

How to Establish a Cyprus-Based Forex Business?

The EU prohibits the operation of forex firms that are not subject to its regulation. However, many EU nations have a strident anti-market stance and impose high tax regimes, as well as raising the fees and restrictions for running a financial firm or acquiring a permit for a forex agency. Cyprus, however, has decided to...
Fill the blank:


Dreikonigstrasse, 31A, Stockerhof


Baseina street, 7


Grosvenor Gardens, 52


Lochrin Square, 1


Jacovides Tower, 5 floor


Kesklinna linnaosa, Tuukri 19


Esplanade, 7 floor


Gediminas Avenue, 44A

New York

New Rochelle, Huguenot St, 175


20 Martin Place


3 Fraser Street, #08 DUO Tower

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai


2609 Avenida da Boavista


Revaz Tabukashvili Str., N 45, area N 7