In speaking points delivered to the C.D. Howe Institute, FINTRAC Director and CEO Sarah Paquet set out how FINTRAC is surging financial intelligence and supervisory efforts against extortion, fentanyl trafficking, fraud and other organized crime threats, including the release of a special bulletin on extortion and violence targeting Canada’s South Asian diaspora communities. The remarks also described how recent legislative changes are expanding FINTRAC’s enforcement toolkit and driving more targeted oversight of higher-risk sectors, including virtual currency services. Operational updates included well over 100 financial intelligence disclosures related to extortion since the beginning of the year, and more than 300 disclosures linked to illicit opioids and transnational criminal organizations since January 2025 via a rapid intelligence production team. On supervision and enforcement, FINTRAC reported revoking the registrations of more than 150 money services businesses since March and noted its largest administrative monetary penalty to date, over CAD 176 million, issued last October to a virtual currency services business. The speech also highlighted scaling up oversight of newly regulated entities such as mortgage brokers and lenders, new requirements related to beneficial ownership and sanctions evasion, and targeted measures focused on money laundering risks in online gaming and illegal gambling platforms. FINTRAC linked several changes to the Strengthening Canada's Immigration System and Borders Act, which came into force on March 26, including joining the Financial Institutions Supervisory Committee, building a universal enrolment program for all 38,000 regulated entities, and a strengthened administrative monetary penalties framework that increases penalty sizes by 40 times. The Act also provides authority to issue public Compliance Orders, with failure to comply subject to a penalty of up to CAD 30 million or three percent of an entity’s global revenues.
Financial Transactions and Reports Analysis Centre of Canada 2026-04-23
Financial Transactions and Reports Analysis Centre of Canada publishes extortion typologies bulletin and outlines tougher supervision and enforcement powers
The Financial Transactions and Reports Analysis Centre of Canada detailed intensified financial intelligence and supervisory efforts against extortion, fentanyl trafficking, fraud and other organized crime, including a special bulletin on extortion and violence targeting Canada’s South Asian diaspora and expanded oversight of higher-risk sectors such as virtual currency services. Operational updates included over 100 financial intelligence disclosures related to extortion this year, more than 300 disclosures linked to illicit opioids and transnational criminal organizations since January 2025, revocation of over 150 money services business registrations since March, and an administrative monetary penalty of over CAD 176 million against a virtual currency services business. FINTRAC also outlined new powers under the Strengthening Canada’s Immigration System and Borders Act, including joining the Financial Institutions Supervisory Committee, a universal enrolment program for regulated entities, a strengthened administrative monetary penalties framework, and authority to issue public Compliance Orders with penalties of up to CAD 30 million or three percent of global revenues.