Thursday, April 5, 2018

BANKS, SUSPICIOUS TRANSACTIONS, & FINTRAC

   A confidential annual report — described as "not meant for public release" — was delivered to Finance Minister Bill Morneau weeks earlier. That report looks at Fintrac's probes of nine banks in 2016-2017.
   The Sept. 30 document, obtained by CBC News under the Access to Information Act, found "significant" problems at six of the nine banks — including problems in providing Fintrac with suspicious transaction reports, or STRs.
     The law requires financial entities to file an STR to Fintrac when a transaction is suspected of being linked to a money-laundering or terrorist activity financing offence, regardless of the dollar amount.
    b"In examinations of the banking sector … 67% were found to have significant levels of non-compliance," says the report for Morneau.

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