Money laundering involves more than just cash transactions

Banks and other financial institutions required to report to FINTRAC need more sophistication and variety in their reporting of suspicious transactions, FINTRAC Director Jeanne Flemming recently told an anti-money laundering conference. “...on the issue of communications, what struck me when I took over as Director was how little we showed reporting entities why effective reporting was crucial to our output of high-quality intelligence and therefore to the police who undertake investigations and the Crown prosecutors who take cases to court.”

“We told them but we didn't show them. There is a big difference and it is why I wanted us to conduct workshops to bring together compliance officers, police and prosecutors with us to show just how we analyze and disclose intelligence and what happens to it. In other words, show how good reporting is a crucial factor in a continuum that finally ends with convictions of criminals. We held two workshops, in Toronto and Montreal, in the last two years. We were pleasantly surprised at the positive feedback we received.”

(See the Keynote Address by Director Jeanne M. Flemming, Financial Transactions and Reports Analysis Centre of Canada to the Canadian Institute's Annual Anti-Money Laundering Forum –Toronto. May 10, 2011.)

Trends in Canadian Suspicious Transaction Reporting

Trends in Canadian Suspicious Transaction Reporting represents an ambitious undertaking—the first time FINTRAC has made an in-depth analysis of 300,000 suspicious transaction reports (STRs) received over the last ten years from across the country.  STRs provide valuable information allowing FINTRAC to assist partners in their investigations of money laundering (ML), terrorist financing (TF), and other threats to the security of Canada. They also feed into strategic intelligence which informs various stakeholders about current and emerging ML/TF trends and patterns, as well as support high-level policy decisions. Since new compliance obligations came into force in 2008, reporting entities are required to expend more effort in identifying their highest ML and TF risks. The purpose of FINTRAC Typologies and Trends Reports is to provide strategic financial intelligence feedback to help reporting entities conform to these new obligations.