Financial Crime World

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Financial Intelligence Unit Warns of Scams and Fraudulent Activities

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Canada’s premier financial intelligence unit, has issued a warning about scams and fraudulent activities attempting to imitate government services.

Beware of Unsolicited Requests

According to FINTRAC, many fraudsters are using fake government agencies or institutions to trick Canadians into revealing their personal and financial information. The agency has occasionally been misrepresented in such scams. FINTRAC advises the public to be cautious when receiving unsolicited requests for personal or financial information.

New Reporting Systems Implemented

In an effort to improve its ability to track and prevent financial crimes, FINTRAC has implemented new reporting systems. The agency’s online systems now accept:

  • Suspicious Transaction Reports
  • Large Cash Transaction Reports
  • Other types of reports from businesses and individuals

Guidance for Businesses

FINTRAC provides guidance and resources for businesses operating in Canada, including:

  • Money services businesses
  • Casinos
  • Financial institutions

The agency offers sector-specific guidance, as well as information on reporting obligations, examinations, and penalties for non-compliance.

Support for Law Enforcement

FINTRAC works closely with law enforcement agencies to investigate and prosecute cases of money laundering and terrorist financing. The agency provides financial intelligence to help investigators connect the dots between criminal activity and illicit funds.

Public Education Campaigns

To raise awareness about the risks of financial crimes, FINTRAC runs public education campaigns warning Canadians about the dangers of scams and fraudulent activities. The agency also provides information on how to conduct transactions with money services businesses safely.

Contact Information

For more information or to report suspicious activity, contact FINTRAC at [insert contact information]. You can also follow FINTRAC on social media for updates on its work to combat financial crimes and terrorism financing in Canada.