Source: http://fintrac.gc.ca/atip-aiprp/infosource-eng.asp
Timestamp: 2017-12-16 14:56:02
Document Index: 244356161

Matched Legal Cases: ['art 1', 'art 1', 'arts 1', 'art 1', 'art 1', 'art 1', 'art 1']

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), is Canada's financial intelligence unit which reports to the Minister of Finance, who is accountable to Parliament for the activities of the Centre. It was created in 2000 pursuant to the Proceeds of Crime (Money Laundering) Act (PCMLA). Its mandate was to assist in the detection, prevention and deterrence of money laundering by analyzing and assessing financial transactions and other information and making disclosures to police with respect to money laundering. It also had the mandate of ensuring compliance with the PCMLA and its Regulations.
The PCMLA was renamed the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) on December 24, 2001. At that time, FINTRAC's mandate was extended to assist in the detection, prevention and deterrence of the financing of terrorist activities. FINTRAC was required to make disclosures on these matters to police and to the Canadian Security Intelligence Service on matters relating to threats to the security of Canada.
On December 14, 2006 the PCMLTFA was further amended to expand the number of people and entities subject to the law, to strengthen its deterrence provisions through the creation of administrative monetary penalties, and to broaden the range of information which FINTRAC must disclose. Certain of these provisions came into force in February and June 2007; the remaining provisions came into force in June and December 2008.
On June 19, 2014, Part 1.1 of the PCMLTFA came into force. This Part sets out measures that may be taken by the Minister of Finance to ensure the protection of Canada's financial system and the assistance that FINTRAC is to provide to the Minister to enable him to fulfill his duties. At the same time, the PCMLTFA was also amended to enable FINTRAC to disclose information relating to compliance with Part 1 of the PCMLTFA to the Canada Revenue Agency and to broaden the range of information which FINTRAC must disclose.
As the Minister of Finance is responsible for the Centre, he must table FINTRAC’s annual report in each House of Parliament.
FINTRAC facilitates the detection, prevention and deterrence of money laundering and terrorist activity financing. Its major policy and program responsibilities are:
Researching and analyzing data from a variety of information sources that shed light on trends and patterns in money laundering and terrorist activity financing.
The financial intelligence program of FINTRAC is a component of the federal government's broader national security and anti-crime agenda. The program strives to disrupt the ability of criminals and terrorist groups that seek to abuse Canada's financial system and to reduce the profit incentive of crime. The main method of intervention used by the program is to analyze reported financial transactions and other information the Centre is authorized to receive under the PCMLTFA to produce financial intelligence products including tactical case disclosures that are relevant to the investigation or prosecution of money laundering and terrorist activity financing, and strategic intelligence products that broaden understanding in respect to the nature, scope and threat posed by money laundering and terrorist financing.
Description: Records created by this program include tactical information derived from the analysis of the transaction reports received from reporting entities and reports received from the Canada Border Services Agency, as required by Parts 1 and 2 of the PCMLTFA; voluntary information from police, law enforcement, security agencies, foreign financial intelligence units and the public; information obtained from public sources and commercially available databases or information that is stored in databases maintained by the federal government, a provincial government, the government of a foreign state or by an international organization for purposes of law enforcement and national security. Records also include information on FINTRAC's work with the Egmont Group of Financial Intelligence Units, the Financial Action Task Force, Financial Action Task Force-style Regional Bodies, and other multilateral organizations; information on technical assistance and its delivery of training on the production of tactical intelligence to other financial intelligence units, either directly by FINTRAC, through the Egmont Training Working Group, or through collaboration with other multilateral organizations.
Document Types: Policies, strategies, procedures, frameworks, information sharing memoranda of understanding (templates, signed versions, reference guides and query guides), financial transaction reports, analysis work files, disclosure files, information protection frameworks, country profiles, evaluations, training materials, presentations, statistical reports, agendas, and statement of requirements and proposals.
In addition, the bank contains information voluntarily provided to FINTRAC by federal, provincial, territorial or municipal law enforcement agencies, government institutions or agencies, any agency of another country that has powers and duties similar to those of FINTRAC and information provided by members of the public about suspicions of money laundering and/or the financing of terrorist activities. The bank also contains publicly available information and data gathered from databases maintained by the federal and provincial governments for purposes relating to law enforcement and national security purposes. Personal information may include: name (including alias), contact information, date of birth, citizenship status, biographical information, criminal history (including lawful investigation information), identification number (e.g. client number, driver's licence, and transaction number), place of birth, financial information and credit information. Personal information may also include name and contact information of representatives of reporting entities.
Notes: Personal information bank was amended in 2014. The macro level intelligence analysis products do not contain identifiable personal information.
Purpose: Personal information is collected, assessed and analyzed to identify indicators, trends and developments of suspected money laundering and/or terrorist activity financing activities and/or threats to the security of Canada pursuant to the PCMLTFA. The purpose of the analysis is either tactical, with the goal of reaching the legal threshold to disclose financial intelligence on specific law enforcement cases (see consistent uses), or strategic, with a goal of producing macro level intelligence products for a wider distribution (e.g. to law enforcement, reporting agencies, public).
Consistent Uses: Personal information may be disclosed to the appropriate Canadian police service (federal, provincial, and/or municipal) or lawful investigative function of one of the following federal institutions: Canadian Security Intelligence Service; Canada Border Services Agency; Canada Revenue Agency; Communications Security Establishment Canada; or to a foreign financial intelligence unit with which there is a memorandum of understanding, when FINTRAC, on the basis of its analysis, meets the test for disclosure set out in the PCMLTFA.
In addition, information voluntarily provided to FINTRAC in accordance with paragraph 54(a) and information that is collected by FINTRAC, in accordance with paragraph 54(b), that is publicly available or that is stored in databases maintained by the federal or provincial governments for purposes related to law enforcement or national security and in respect of which an agreement was entered into, must be retained for ten years beginning on the day on which the information was received or collected.
Description: Information created by this program includes records pertaining to strategic intelligence resulting from the macro analysis of aggregated data from FINTRAC disclosures and associated reports. It also includes records containing information created from research and analysis of a wide variety of information sources which serve to inform policy, industry and decision-makers on matters of money laundering and terrorist activity financing. Those records may include the identification of emerging trends and typologies, the assessment of products and technologies and other industry related factors regarding vulnerabilities to money laundering and terrorist financing, and guidance on risk-based approaches. It also includes records on FINTRAC's work with the Egmont Group of Financial Intelligence Units, the Financial Action Task Force, Financial Action Task Force-style Regional Bodies, and other multilateral organizations including international technical assistance training related material and presentations to other financial intelligence units, either directly by FINTRAC, through the Egmont Training Working Group, or through collaboration with other multilateral organizations.
Consistent Uses: Personal information may be disclosed to the appropriate Canadian police service (federal, provincial, and/or municipal) or lawful investigative function of one of the following federal institutions: Canadian Security Intelligence Service; Canada Border Services Agency; Canada Revenue Agency; Communications Security Establishment Canada; a provincial securities commission; or to a foreign financial intelligence unit with which there is a memorandum of understanding, when FINTRAC, on the basis of its analysis, meets one of the tests for disclosure set out in the PCMLTFA.
Retention and Disposal Standards: Information contained in all reports sent to FINTRAC by reporting entities must be retained for ten years beginning on the day on which the report was received. Fifteen years after the day on which a report was received, any identifying information contained in the report must be destroyed, if the report was not disclosed under sections 55(3), 55.1(1), and 56 of the PCMLTFA.
In addition, information voluntarily provided to FINTRAC in accordance with paragraph 54(a) and information that is collected by FINTRAC, in accordance with paragraph 54(b), that is publicly available or that is stored in databases maintained by the federal, a provincial government, or a government of a foreign state or by an international organization for purposes related to law enforcement or national security and in respect of which an agreement was entered into, must be retained for ten years beginning on the day on which the information was received or collected.
FINTRAC's compliance program is responsible for ensuring compliance with Part 1 and Part 1.1 of the PCMLTFA and associated regulations. The compliance program uses a risk-based approach to deliver enforcement, and relations and support activities that help ensure compliance with legislative and regulatory obligations that apply to individuals and entities operating in Canada's financial system.
The compliance program's enabling activities seek to ensure that reporting entities receive effective guidance and feedback, and fully understand their legal obligations. These activities include participating in dozens of speaking events, presentations and workshops, as well as providing a comprehensive set of guidance tools, including guidelines and Operational Alerts and Briefs. Reporting entities and other stakeholders can also request policy interpretations with respect to the PCMLTFA and associated regulations administered by FINTRAC based on their own specific situations and set of facts. Lastly, FINTRAC also provides reporting entities with guidance and feedback on the reports they submit to help them provide FINTRAC with the best possible financial intelligence.
The compliance program's enforcement activities seek to ensure that reporting entities are meeting their legal obligations, and include: observation letters, reporting entity validations, the monitoring of reports, compliance meetings, compliance assessment reports, examinations, follow-up examinations, administrative monetary penalties and non-compliance disclosures to law enforcement agencies.
Description: Information created by this program includes records relating to assessments of compliance by FINTRAC on reporting entities; records related to agreements with various domestic regulators and foreign financial intelligence units; records containing quality, timing and volume assessments received of reporting; compliance examination files on reporting entities including financial transactions and third-party personal information records which are reviewed during the course of an examination; statistical reports on compliance; information on voluntary declarations of non-compliance, records on interpreting legislation and regulations; records of disclosures of non-compliance to law enforcement for investigation or prosecution and records on the administrative monetary penalties program including the review and appeals function. It also includes records on FINTRAC's work with the Egmont Group of Financial Intelligence Units, the Financial Action Task Force, Financial Action Task Force-style Regional Bodies, and other multilateral organizations including international technical assistance training related material and presentations to other financial intelligence units, either directly by FINTRAC, through the Egmont Training Working Group, or through collaboration with other multilateral organizations.
Purpose: Information is obtained pursuant to sections 62, 63 and 63.1 of the PCMLTFA for the purpose of ensuring that reporting entities comply with their reporting obligations under Part 1 of the PCMLTFA. Representations with respect to an alleged violation committed by a reporting entity are received pursuant to subsection 73.15 of the PCMLTFA.
FINTRAC may also provide information to the Canada Revenue Agency respecting the compliance of persons or entities that are subject to Part 1 of the PCMLTFA in order to allow that agency to ensure compliance of these persons or entities with their electronic funds transfer reporting obligations under the Income Tax Act. Pursuant to subsection 65.02(3) of the PCMLTFA, any such information provided by FINTRAC cannot, directly or indirectly, identify a client of the reporting entity. The provision of compliance information to the Canada Revenue Agency is primarily business information and any actual personal information that is provided would be to personal information bank: CRA PPU 411 – Offshore Compliance. The Canada Revenue Agency may also provide FINTRAC with information that relates to the compliance of reporting entities with their electronic funds transfer reporting obligations under the Income Tax Act where such information would be relevant to compliance by the reporting entities with their obligations under the PCMLTFA.
Framework for Enhanced Process
Quality, Timing and Volume Reference Guide Compendium
Reports Monitoring – Paper Reports
Reports Monitoring Regional Reports Liaison Officer User Guide
Reports Monitoring – Voluntary Self-Declaration of Non-Compliance