FINTRAC Statement – Office of the Auditor General Audit of FINTRAC

From: Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)

Statement

October 29, 2026

FINTRAC is committed to excellence and welcomes feedback that will help it enhance its programs and operations. This includes Auditor General's audit as well as the recent evaluation of the Financial Action Task Force (FATF), the expert international body that sets global standards for combatting money laundering and terrorist financing.

The FATF evaluation recognized that FINTRAC's financial intelligence is, to a very large extent, supporting the operational needs of Canada's law enforcement and national security agencies. Specifically, the FATF evaluation found that FINTRAC generates high-quality financial intelligence that is valued by law enforcement and used in 94% of their investigations into money laundering and criminal possession offences.

In 2025–26, FINTRAC produced 7,214 financial intelligence disclosure packages, based on 3,007 unique disclosures, the largest number of disclosures that the Centre has generated in a single year. FINTRAC's unique disclosures included 1,678,230 financial transactions and contained 10,650 subjects of interest for law enforcement.

FINTRAC's financial intelligence contributed to 348 major, resource intensive (project-level) investigations as well as many hundreds of other individual investigations at the municipal, provincial and federal levels across the country, and internationally.

FINTRAC has robust processes and systems in place to analyze high-priority information provided by law enforcement and disclose intelligence on an urgent basis. The FATF evaluation found the Centre can provide financial intelligence disclosures to law enforcement quickly when the information is assessed as urgent. FATF determined that 40% of cases assessed as urgent resulted in a FINTRAC disclosure in less than 10 days. The remaining 60% of urgent cases resulted in a disclosure in 11-30 days. FINTRAC works closely with law enforcement agencies to determine the level of urgency.

FINTRAC has also enhanced its financial intelligence disclosure process, improving the overall timeliness of disclosures. In addition, the Centre has strengthened its analytical tools and systems to improve the timeliness of the Centre's turnaround time for non-urgent cases. Together, these efforts are helping to ensure that FINTRAC's financial intelligence is timely and effective in support of law enforcement investigations.

FINTRAC is pleased that the Office of the Auditor General of Canada recognized that the Centre has a formal, well-organized approach for doing its supervision work.

Over the past year, FINTRAC has taken extensive action to strengthen its supervision program and oversight of businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act).

FINTRAC has finalized and implemented a new Supervision Framework to advance its robust, risk-based approach to supervision. The Centre has also strengthened key foundational elements of its supervisory program to support its risk-based approach, including enhancing its risk tools, questionnaires and sector profiles to improve the quality of risk information and deepen FINTRAC's understanding of sector-specific threats and vulnerabilities.

FINTRAC has increased significantly the scope of its oversight and supervisory activities, undertaking a record number of activities to assess the compliance of businesses subject to the Act.

When the Centre finds non-compliance with the Act and Regulations, it has taken firm action. In 2025–26, FINTRAC issued 35 notices of violation, up 52% from the previous year, for more than $247 million, by far the largest amount in the Centre's history.

With a $37 million increase in FINTRAC's supervisory-related resources over the next two years, the Centre will continue to strengthen its oversight of the 38,000 businesses subject to the Act.

FINTRAC is committed to leveraging the recommendations of the Office of the Auditor General of Canada and those of the FATF evaluation to continue to evolve and strengthen the effectiveness of its supervision of businesses and production of financial intelligence.