Fintech firms have a “limited understanding” of their anti-money-laundering duties, according to documents from the Financial Transactions and Reports Analysis Centre of Canada (FinTRAC). Many haven’t introduced compliance programs to reduce that risk. (Globe and Mail)

Talking point: Canadian anti-money-laundering laws require money-services firms like banks and credit unions to have compliance programs, as well as to keep records of and report suspicious transactions to FinTRAC. But many fintech firms don’t transmit those kinds of records to the government. The watchdog has recently brought more companies under its watch—all cryptocurrency exchanges operating in Canada will have to follow the agency’s rules and appoint a compliance officer starting in June 2020. FinTRAC’s enforcement actions are limited: the watchdog oversees 30,000 firms in total and performs around 300 examinations a year, according to Matthew McGuire, co-founder of The AML Shop, an anti-money-laundering consulting firm.