fintrac Archives - The Industry Spread

IIROC and FINTRAC Enhance Cooperation to Protect Against Money Laundering

June 6, 2019

May 30, 2019 (Toronto, Ontario) – The Investment Industry Regulatory Organization of Canada (IIROC) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) today announced a new Memorandum of Understanding (MOU) to better protect against money laundering and terrorist financing while reducing the compliance burden on IIROC-regulated investment firms.

FINTRAC Reinforces Its Partnership with the Investment Industry Regulatory Organization of Canada

June 3, 2019

Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) Regulators are strengthening their collaborative efforts to identify and combat money laundering and terrorist activity financing risks in the securities dealers sector across Canada. FINTRAC announced today that its Memorandum of Understanding with the Investment Industry Regulatory Organization of Canada (IIROC) has been strengthened to allow for greater cooperation and information sharing in the fight against money laundering and terrorist activity financing, while reducing the duplication of effort and the compliance burden for Canadian securities dealers.

Operational Alert: Laundering of the Proceeds of Romance Fraud

April 12, 2019

Romance fraud involves perpetrators expressing false romantic intentions toward victims to gain and then take advantage of their trust and affection in order to access their cash, bank accounts and credit cards. The Canadian Anti-Fraud Centre has found that romance fraud victims account for some of the highest dollar losses per year from mass marketing frauds in Canada. However, romance fraud is one of the lowest reported types of mass marketing fraud, because victims can be ashamed to come forward, or may be unaware or unwilling to accept that they are a victim.

FINTRAC Announces Better Support for Canadian Businesses

February 11, 2019

To ensure a strong and effective Anti-Money Laundering and Anti-Terrorist Financing Regime for Canadians, FINTRAC is committed to helping businesses comply with their obligations under the Act. Compliance with the Act brings transparency to certain financial activities, helping to deter criminals and terrorists from operating within the legitimate channels of Canada’s economy. It also ensures that FINTRAC receives the information that it needs to generate financial intelligence for Canada’s police, law enforcement and national security agencies.