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Financial transaction watchdog Fintrac issued $247 million in penalties across 35 violation notices, a 52 per cent year-over-year increase in violations and “by far the largest amount” in the organization’s history, it said in its annual report. (The Logic)
Talking point: Fintrac has gained more power to issue monetary penalties against financial institutions, casinos and real estate companies that violate regulations. It is using it to target companies for issues like suspicious transactions, darknet marketplace activity and transactions involving child sexual-abuse materials. AI-powered fraud attacks on Canadian companies have become part of a broader organized crime threat. Last year, Fintrac examined a record 4,874 financial activities for potential money laundering or terrorist-financing violations.
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