FinCEN Mid-Year Numbers for 2009 Indicate Shifting Suspicious Activity

On January 22, 2010 the Financial Crimes Enforcement Network (FinCEN) released its latest edition of The SAR Activity Review - By the Numbers, which covers Suspicious Activity Report (SAR) filings for the first six months of 2009. Activities involving suspected check fraud, including traveler's checks and counterfeit checks show significant increases.

FINTRAC issues administrative monetary penalties against two entities

In December 2009, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) assessed administrative monetary penalties against two money services businesses for violating the Proceeds of Crime Money Laundering and Terrorist Financing Act (PCMLTFA).

FINTRAC’s Annual Report highlights efforts to follow the money trail

On November 17, 2009 The Minister of Finance tabled Parliament the 2008-09 Annual Report of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The report highlights that FINTRAC provided 556 case disclosures to law enforcement, the Canadian Security Intelligence Service, the Canada Revenue Agency, the Canada Border Services Agency, the Communications Security Establishment Canada and to foreign financial intelligence units.

Audits of major national security programs raise concerns for privacy

OTTAWA, November 17, 2009 — The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has more personal information in its database than it needs, uses or has the legislative authority to receive.

This was one of the key findings of the Privacy Commissioner of Canada’s in-depth audit of the independent agency mandated to analyze financial transactions and identify suspected money laundering and terrorist financing in Canada.

Money Laundering and Terrorist Financing in the Securities Sector

The securities sector is one of the core industries through which persons and entities can access the financial system, providing opportunities for criminals to misuse the financial system.
This FATF study describes (i) how criminals might be able to use securities firms to launder money and finance terrorism and (ii) how illicit funds can be generated through fraudulent activities.

Risk-based Approach: Guidance for the Life Insurance Sector

The FATF has agreed to the guidance paper for the life insurance sector on applying a risk-based approach to combating money laundering and terrorist financing.
The risk-based approach guidance is the result of a joint FATF-private sector project to develop a series of sector-specific guidance papers.

FINTRAC issues administrative monetary penalties against two entities

The Financial Transactions and Reports Analysis Centre of Canada has assessed administrative monetary penalties against two entities. The penalties were imposed for violations of the Proceeds of Crime Money Laundering and Terrorist Financing Act (PCMLTFA).

FINTRAC has had the authority to issue administrative monetary penalties in response to non-compliance with the PCMLTFA and related regulations since December 30, 2008. Penalties are used as a last recourse after other measures to ensure compliance with the law have been exhausted. This is the first time that FINTRAC has used this authority to assess such penalties.