Role of the Financial Transactions and Reports Analysis Centre of Canada
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada’s financial intelligence unit. Its mandate is to facilitate the detection, prevention, and deterrence of money laundering and the financing of terrorist activities. Through its work with domestic and international partners, it contributes to the public safety of Canadians and helps protect the integrity of Canada’s financial system.
FINTRAC discloses tactical financial intelligence to the appropriate investigative and intelligence organizations at the federal, provincial, and municipal levels. Such organizations include the Canadian police forces, the Canadian Security Intelligence Service (CSIS), the Canada Border Services Agency (CBSA), the Canada Revenue Agency (CRA), and provincial and territorial securities commissions, among others.
The financial intelligence that FINTRAC discloses to these organizations comes from various business entities, including banks, money services businesses, casinos, dealers in precious metals and stones, and securities dealers. By law, these entities are required to report to FINTRAC, through secure and confidential means, when there are reasonable grounds to suspect that a financial transaction is related to the commission or attempted commission of money laundering or terrorist activity financing offence, or when the threshold for reporting a transaction has been met. Every year, FINTRAC receives millions of transaction reports from over 30,000 reporting entities to which the law applies.
Collaboration with FINTRAC
As a reporting entity covered by the federal legislation, Loto-Québec has a role to play in the fight against money laundering, although it is only one of many players in the Canadian system involved in this fight. As part of this collective effort, the Corporation is working with FINTRAC, its business partners and the police. Its role is to collect information related to its patrons and various types of transactions at its gaming locations, including large cash transactions and suspicious transactions, and to report this information to FINTRAC in accordance with the regulations in force. It is then up to FINTRAC to collect, analyze and disclose this information to support the detection, prevention and deterrence of money laundering and terrorist activity financing in Canada and abroad.
Over the last years, Loto-Québec contributed to the collective effort to fight money laundering by submitting reports to FINTRAC, in accordance with the law:
Large cash transactions reported by Loto-Québec to FINTRAC
Suspicious transactions reported by Loto-Québec to FINTRAC
Loto-Québec takes its role and responsibilities very seriously when it comes to reducing the threat of money laundering at its casinos and gaming halls and on its gaming website. In keeping with its mission and values, it is committed to fighting money laundering.
Knowing that this is an ongoing challenge, the Corporation stays abreast of the best anti-money laundering practices.
Loto-Québec conducts a compliance review of its anti-money laundering program at least every two years and ensures that corrective measures and improvements are implemented. It also trains its employees to meet the complex challenges posed by organized crime, whose tactics are always evolving.