Regulatory Alerts2022-05-05
FINTRAC Releases Key Characteristics of Illicit Underground Banking Through Unregistered Money Services Businesses
FINTRAC issued a new Sectoral and Geographic Advisory outlining the key characteristics and operational methods of illicit underground banking facilitated by unregistered money services businesses. The document highlights how criminal networks and professional money launderers exploit these informal value transfer systems in Metro Vancouver, the Greater Toronto Area, and the Calgary-Edmonton Corridor to launder proceeds and finance terrorism. It requires businesses and the public to report relevant suspicions to FINTRAC using the #SGA2022 tag to enable the generation of actionable financial intelligence for law enforcement and national security agencies.
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