What is FINTRAC?

FINTRAC, or the Financial Transactions and Reports Analysis Centre of Canada, is Canada’s federal financial intelligence agency, established under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) in 2000. It’s tasked with detecting, preventing, and deterring money laundering, terrorist financing, and other threats to the security of Canada’s financial system. FINTRAC collects, analyzes, and shares financial intelligence with law enforcement (e.g., RCMP) and security agencies (e.g., CSIS) by requiring businesses like banks, real estate firms, and precious metal dealers such as The Premier Canadian Mint, to report suspicious transactions, large cash dealings (over $10,000 CAD), and international electronic funds transfers. As of April 8, 2025, it oversees compliance for over 24,000 registered entities, ensuring transparency while imposing penalties (up to $2 million or 5 years imprisonment) for non-compliance.  You may further peruse FINTRAC here.

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