Regulatory Alerts2024-11-26
Added · Updated
FINTRAC 2023–24 Annual Report: Safe Canadians, Secure Economy
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) published its 2023–24 Annual Report detailing its expanded anti-money laundering and counter-terrorist financing mandate, which now emphasizes risk-based supervision and real-time digital modernization over mere technical compliance. During the reporting period, FINTRAC supported 266 major investigations, issued record administrative monetary penalties exceeding $26 million against 12 non-compliant entities, and referred 14 cases to law enforcement for potential criminal prosecution. The Centre’s financial intelligence, derived from over 966,000 tracked transactions valued at more than $43.5 billion, provided actionable insights to domestic and international partners to disrupt drug trafficking, fraud, and Russia-linked illicit finance networks.
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