- Legislative and regulatory measures that governments must adopt;
- Deterrent measures for financial institutions, businesses, and intermediaries to implement to protect themselves against money laundering threats;
- Measures to ensure transparency of beneficial ownerships of entities and legal arrangements;
- Designation of competent authorities to support compliance frameworks; and
- Intra-government and inter-government cooperation and arrangements.
Financial Transactions and Reports Analysis Centre (FINTRAC) is Canada’s financial intelligence unit (FIU) that facilitates the prevention, detection and investigation of money laundering in Canada. It receives and analyzes financial transaction reports from reporting entities and compiles intelligence on suspected money laundering and terrorist financing activities for investigation with other law enforcement agencies. FINTRAC assesses reporting entities AML/CTF framework and imposes penalties to those found to be non compliant.
FINTRAC receives the following reports:
Suspicious Transactions Reports (STR)
Entities must report attempted or completed transactions if there are reasonable grounds to believe that these transactions may be proceeds of crime or related to funding terrorism. There is no monetary threshold for submitting STRs.
Large Cash Transaction Report (LCTR)
Entities must report receipt of cash from a single individual or entity of $10,000 or greater in a single transaction or multiple transactions occurring within a 24-hour period.
Electronic Fund Transfer Report (EFTR)
Entities must report any digital transfer of money on behalf of a single individual or entity for transactions of $10,000 or greater in a single transaction or multiple transactions within a 24-hour period.
Casinos must report payouts of $10,000 or greater in a single transaction or multiple transactions within a 24-hour period.
Entities must report if they own or control properties that they believe are owned or controlled by or on behalf of terrorist groups or if these properties are owned or controlled by or on behalf of a listed person according to United Nations Resolution on the Suppression of Terrorism.