FINTRAC publishes its latest annual report, the UK tackles illicit finance with new sanctions, and ComplyAdvantage partners with Detected to fix KYB

FINTRAC has published its 2023–24 annual report, reviewing the regulator’s impact on Canada’s fight against financial crime. Headline findings include:?

• FINTRAC received almost 300,000 STRs, relating to transactions with a total value of $43.5 billion.?
• The regulator issued the largest fines in its history, with 12 over $26 million, and disclosed its highest-ever number of cases to law enforcement.?
• The top three predicate offenses included in these disclosures were drug trafficking, fraud, and tax evasion.?

FINTRAC’s supervisory framework has also been modernized to focus on firms’ risk identification and mitigation rather than on technical compliance. The report highlights this as an ongoing priority.?

The UK government has announced new sanctions against “kleptocrats” as it attempts to tackle the flow of illicit finance through the country. Issued under the Anti-Corruption Sanctions Regulations, the measures target three individuals and their associates found to have hidden the proceeds of corruption in UK property or corporate structures. Announcing the sanctions, UK Foreign Secretary David Lammy declared “the golden age of money laundering is over.”?

ComplyAdvantage has partnered with Detected to integrate KYC and KYB capabilities onto one platform, offering a fully integrated solution that simplifies B2B onboarding. Together, we deliver:

• Efficient KYB due diligence powered by Detected’s global risk, fraud, and compliance network.
• Deep insights into business ownership with ComplyAdvantage’s leading watchlist, PEPs, and adverse media intelligence.
• Accelerated onboarding to reduce delays, minimize drop-offs, and unlock revenue faster.

Read more about the partnership here.?

Until next week,

Andrew Davies, Global Head of Regulatory Affairs.