Who must report to FINTRAC?

• A. Financial entities such as banks or authorized foreign banks with respect to their operations in Canada, credit unions, caisses populaires, financial services cooperatives, credit union centrals, life insurance companies, brokers and agents, securities dealers, money service businesses, agents of the Crown, accountants and accounting firms, real estate brokers, sales representatives, developers, casinos, dealers in precious metals and stones, public notaries and notary corporations of British Columbia.
• B. Only banks and trust companies operating domestically.
• C. Real estate brokers and mortgage lenders only.
• D. Public health departments and charities.

Answer: (A)

FinTRAC requires a wide range of entities to report, not just traditional banks. Under the anti-money laundering framework, many types of financial entities and also certain non-financial businesses and professions must report. This includes banks and trust companies, life insurance companies, brokers and agents, securities dealers, money services businesses, as well as real estate professionals (brokers and sales representatives), developers, accountants and accounting firms, public notaries and notary corporations, casinos, dealers in precious metals and stones, and agents of the Crown. Because of this broad coverage, the list in the first option best captures who must report to FinTRAC. The other options are too narrow and omit many reporting entities, or mention groups that aren’t reporting entities under FinTRAC.