The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Global Risk Institute (GRI) published an interim report summarising key themes from the second Financial Industry Forum on Artificial Intelligence (FIFAI II) workshop, which examined how artificial intelligence intersects with financial crime. The workshop, held on October 1, 2025, brought together more than 60 participants from Canada’s financial services ecosystem, including banks, insurers, credit unions, regulators and technology providers. Discussions covered emerging threats such as AI-enabled fraud, data manipulation and cybercrime, alongside constraints including limited AI investment and talent, low barriers to entry for threat actors, and perceived gaps in Canada’s regulatory and supervisory frameworks. Participants also identified opportunities to strengthen resilience, improve data integrity and enhance information sharing across the sector. Two further FIFAI II workshops on consumer protection and financial stability are planned for late 2025, with a final report expected in early 2026.
Financial Transactions and Reports Analysis Centre of Canada 2025-11-03
Financial Transactions and Reports Analysis Centre of Canada and Global Risk Institute publish interim report on AI risks and practices in financial crime
The Financial Transactions and Reports Analysis Centre of Canada and the Global Risk Institute released an interim report from the second Financial Industry Forum on Artificial Intelligence workshop, highlighting AI's role in financial crime. Discussions included AI-enabled fraud, data manipulation, cybercrime, and challenges like limited AI investment and regulatory gaps. Opportunities to enhance resilience, data integrity, and information sharing were also identified.