FINTRAC issues annual report

Tweet FINTRAC issued its 2010 Annual Report to Parliament today and among the highlights in this year’s report are the following: FINTRAC made 579 disclosures of information that it suspected may be relevant for investigating threats to Canada’s national security, terrorist financing or money laundering; Approximately 63% of the disclosures of information were made to […]

FINTRAC participating in FATF study on new payment methods

Tweet According to this article in the Toronto Star, FINTRAC¬†is working with the FATF to evaluate money laundering and terrorist financing risks associated with prepaid cards, mobile payment services and Internet based payment services. The FATF will be collating information from cases where mobile and Internet based payment services were used to launder funds or […]

FINTRAC fines two money services businesses for anti-money laundering failures

Tweet FINTRAC, Canada’s financial intelligence unit, has assessed relatively minor penalties against two money services businesses. Sutlej Foreign Exchange Inc., an Ontario-based money services business, was fined $8,450 for failing to: have a written compliance plan; undertake a risk assessment for a compliance plan; train employees on anti-money laundering; report electronic funds transfers to FINTRAC; […]