Centre eyes artificial intelligence to modernize the federal hunt for dirty cash

Overall, the centre disclosed 2,276 pieces of financial intelligence to police and security agencies

The federal anti-money laundering centre is exploring artificial intelligence and machine learning to help sort through a deluge of data in the hunt for hidden dirty cash.

In its annual report made public Wednesday, the Financial Transactions and Reports Analysis Centre of Canada, known as Fintrac, says rapid change in the global financial system, spurred by quickly evolving technology, is both a challenge and an opportunity.

Fintrac says technology can help money launderers but also create more efficient and effective ways of doing business for enforcement agencies.

The federal centre tries to pinpoint cash linked to money laundering and terrorism by sifting through millions of pieces of information annually from banks, insurance companies, securities dealers, money service businesses, real estate brokers, casinos and others.

Overall, the centre disclosed 2,276 pieces of financial intelligence to police and security agencies such as the RCMP and Canadian Security Intelligence Service last year.

Of these, 1,702 were related to money laundering, 373 to terrorism financing and threats to the security of Canada, and 201 to a combination of these.

Fraud, drugs and tax evasion were the most common offences linked to the disclosures. Many of the drug-related ones involved the movement of money related to deadly fentanyl.

The top three recipients of information were the RCMP, municipal police forces and CSIS.

In December, Fintrac warned casinos to scrutinize customers who pay for their gaming with bank drafts — the latest method of choice for criminals trying to disguise tainted money.

The agency published the alert as part of Project Athena, an RCMP-led public-private partnership aimed at disrupting money-laundering activity in British Columbia and across Canada. The initiative was modelled on previous efforts targeting the fentanyl trade, romance fraud and human trafficking.

B.C. launched a public inquiry into money laundering in May after a series of independent reviews revealed that billions of dollars were being laundered through the province’s casinos, real estate market and other sectors.

B.C. was second only to Ontario among provinces in the number of financial intelligence disclosure packages received from Fintrac in 2018-19.

The federal centre depends on sophisticated technology to receive, store and secure over 25 million new financial transaction reports every year.

Filtering and analyzing the information to generate useful intelligence is only possible with modern systems that can manage the high volume of data, make the connections and produce the needed results, all in real-time or close to it, the report says.

“Over the past year, the centre engaged in research and consultation aimed at better understanding how to take advantage of new and evolving technology, particularly in relation to machine learning and artificial intelligence.”

Fintrac has begun a comprehensive review of its modernization effort to ensure “full and timely use” of its data.

Jim Bronskill , The Canadian Press

Like us on Facebook and follow us on Twitter.

money laundering

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

VIDEO: Humpback whales put on a rare show near Campbell River

The ‘playful’ pod lingered by a local tour operator’s boat for quite some time

Strathcona Regional District reports on progress towards carbon neutrality

Director travel and natural gas at Strathcona Gardens largest contributors to emissions

North Island MP calls for feds to implement automatic approval of disability benefits

MP Rachel Blaney has asked for automatic approvals to address the ‘extreme backlog’ of Veterans’ disability benefit applications

Recycling depots in Campbell River, Courtenay to close

The unstaffed recyling depot at Strathcona Gardens Recreation Complex is set to close July 1

Strathcona Regional District reopens electoral area outdoor park facilities

Basketball, tennis courts, skateparks in three EAs open

Mission prison COVID-19 outbreak ends, 9 new cases in B.C.

New positive test at Port Coquitlam care home

Facing changes together: Your community, your journalists

The COVID-19 pandemic has changed the world in ways that would have… Continue reading

Mirror business directory and map

If you’d like to be added to the list, shoot us an email

Man who bound, murdered Vancouver Island teen still a risk to public: parole board

Kimberly Proctor’s killer is still ‘mismanaging emotions,’ has had ‘temper tantrums’

Getting hitched at historic B.C. gold rush town still on table during COVID-19 pandemic

Micro-weddings, online visits, offered at Barkerville Historic Town and Park

Stolen gargoyle returns to its perch on central Vancouver Island yard

Petey, a concrete gargoyle statue, was returned by Nanaimo RCMP after being found by city crew

Revelstoke woman finds welcoming letter on her Alberta-registered truck

There have been multiple reports online of vandalism to vehicles with Alberta licence plates

Spirit bear possibly spotted in West Kootenay

A local resident spotted the white-coloured bear while on an evening trail run near Castlegar on May 27

B.C. businesses ‘can’t shoulder burden’ of COVID-19 sick pay

Trudeau’s plan should be tied to federal emergency aid

Most Read