Financial Transaction and Reports Analysis Centre of Canada's 2024–25 Departmental results report: At a glance

This departmental results report details FINTRAC's actual accomplishments against the plans, priorities and expected results outlined in its 2024–25 Departmental Plan.

• Vision, mission, raison d’être and operating context

Read the full departmental results report

Key priorities

FINTRAC identified the following key priorities for 2024–25:

Modernization and innovation

• Explore new analytical methods and techniques, and implement investments in data science, data analytics, data governance and data management capabilities.
• Spearhead the adoption of productivity tools that will boost efficiency, foster collaboration and support corporate enablers. Tools will be selected for their adaptability, user-friendliness, and capacity to enhance various corporate functions.
• Advance the realignment of certain functions within FINTRAC to ensure the secure adoption of innovative technologies such as artificial intelligence and machine learning.

Partnerships, collaboration, and awareness

• Support the Department of Finance Canada to prepare for the Financial Action Task Force's (FATF) fifth round Mutual Evaluation of Canada's anti-money laundering and anti-terrorist financing (AML/ATF) Regime.
• Implement legislative and regulatory amendments and continue to provide guidance and support to all reporting entity sectors.
• Expand upon the highly successful, industry-led, public-private partnerships by identifying new areas of risk and additional indicators of potential money laundering.
• Regularly review and evaluate the new assessment of expenses (i.e., cost recovery) funding model throughout its maturity.

Highlights for FINTRAC in 2024–25

• Total actual spending (including internal services): $101,439,027
• Total full-time equivalent staff (including internal services): 491

For complete information on FINTRAC's total spending and human resources, read the Spending and human resources section of its full departmental results report.

Summary of results

The following provides a summary of the results the department achieved in 2024–25 under its main areas of activity, called "core responsibilities."

Core responsibility 1: Compliance with Anti-Money Laundering and Anti-Terrorism Financing Legislation and Regulations

Actual spending: $46,126,893

Actual full-time equivalent staff: 240

Departmental results achieved:

• Shifted more fully to an enhanced risk-based approach to supervision, moving beyond measuring technical compliance to promoting risk awareness, risk identification and effective risk mitigation.
• Assessed the compliance of 1,079 businesses through one or more types of assessment activity.
• Conducted 294 formal examinations. The top three sectors examined were money services businesses, dealers in precious metals and precious stones and credit unions/caisses populaires.
• Responded to more than 17,000 enquiries from businesses in every reporting sector on a broad range of issues.
• Issued 23 Notices of Violation, the largest number in one year in the Centre's history, in the amount of more than $25 million.
• Contributed to the review of 12 FATF mutual evaluations, one quality and consistency review and seven follow-up reports.

For more information on FINTRAC's Compliance with Anti-Money Laundering and Anti-Terrorism Financing Legislation and Regulations read the "Results – what we achieved" section of its departmental results report.

Core responsibility 2: Production and dissemination of financial intelligence

Actual spending: $41,948,725

Actual full-time equivalent staff: 193

Departmental results achieved:

• Produced 6,236 financial intelligence disclosure packages, based on 2,730 unique disclosures. The largest number of disclosures and disclosure packages that FINTRAC has generated in a single year.
• Contributed to 206 major, resource intensive investigations as well as many hundreds of other individual investigations at the municipal, provincial and federal levels across the country.
• Proactively provided approximately 23% of the financial intelligence disclosures to Canada's law enforcement and national security agencies.
• Received 378 queries for information from foreign financial intelligence units in relation to money laundering and terrorist financing, and provided 272 unique disclosures and 345 disclosure packages.
• Collected 146 completed disclosure feedback forms; 96% of which indicated that FINTRAC's financial intelligence was actionable, including providing new leads, triggering new avenues of investigation and/or corroborating existing investigative information.
• Produced more than 100 disclosures of actionable financial intelligence in support of law enforcement investigations into money laundering related to illicit opioids such as fentanyl.
• Generated 23 strategic financial intelligence assessments and reports, covering key priority areas, including drug trafficking, professional money laundering, money laundering undertaken by domestic and transnational organized crime, sanctions evasion and terrorist activity financing.

For more information on FINTRAC's Production and dissemination of financial intelligence read the "Results – what we achieved" section of its departmental results report.