Financial Transactions And Reports Analysis Centre (FINTRAC)

In this post article, we will be looking into the Financial Transactions And Reports Analysis Centre (FINTRAC) of Canada, which is the nation’s economic intelligence agency. What To Know About FINTRAC. Purpose Of FinTRAC. Working Principle Of FinTRAC.

What To Know About FINTRAC

FINTRAC, the Financial Transactions and Reports Analysis Centre is the economic intelligence agency in Canada. Although permitted to divulge financial intelligence to the Canadian police force. Like other law enforcement agencies, FINTRAC works independently. It reports to the Minister of Finance who is accountable to the Parliament.

Purpose Of FinTRAC

Its main task is to identify and investigate money laundering and disclose financial intelligence to the respective law enforcement agencies about suspicious terrorist financing. FINTRAC was established in 2000, to follow the regulations and operates under the Proceeds of Crime Money (Money Laundering) and Terrorist Financing Act (PCMLTFA). It is one of the several partners in Canada’s anti-money laundering and anti-terrorist financing (AML/ATF) scheme. This scheme is led by the Department of Finance.

Working Principle Of FinTRAC

Under Bill C-25 in 2006, FINTRAC’s declaration extends to include the implementation of client identification. Record keeping as well as the registration for financial services, businesses, and foreign exchange dealers, and also offenses for not enlisting.

Information about suspicious transactions, presumed terrorist property, outgoing or incoming international EFTs of over 10,000 CAD in 24 hours. Large cash transactions and cross-border currency reporting are available to FINTRAC by regulated entities.

The Financial Transactions And Reports Analysis Centre (FINTRAC) of Canada is the nation’s economic intelligence agency. What To Know About FINTRAC. Purpose Of FinTRAC. Working Principle Of FinTRAC.

Take a look at the To-Learn List.
  1. Blockchain Technology
  2. Defi
  3. NFTs
  4. DAOs
  5. Crypto
  6. Web 3.0
  7. Altcoin Tokenomics
  8. Metaverse
  9. Smart Contracts

Leave a Comment

error: Content is protected !!