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.”
