Anti-money laundering and national security experts say FinTRAC is potentially missing out on thousands of pieces of intelligence used to fight money laundering or organized crime.
Fintrac still offline 3 months after cyber attack, leaves blindspot to identifying financial crimeWhile Fintrac says it’s created a work-around to collect reports from larger companies, anti- money laundering and national security experts say despite that the watchdog is potentially missing out on thousands of pieces of financial intelligence used to fight
The agency said major reporters — including the big banks — have been able to report suspicious and large cash transactions through an online portal since early April. “Law enforcement use to trace the funds, to follow the money, to look for who are the people perpetrating these crimes,” said Matt McGuire, an internationally recognized anti-money laundering expert.
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