Speaking Notes for Sarah Paquet, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada to the Association of Certified Fraud Examiners Canadian Conference

From: Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) Virtual keynote November 8-9, 2021 Check Against Delivery Good morning. I'd like to thank the Association of Certified Fraud Examiners for the opportunity to speak with you this morning. As the world's largest anti-fraud organization and leading provider of anti-fraud training and education, the Association plays a key role in helping to prevent, detect and deter fraud here in Canada and around the world. Before I begin, I want to acknowledge that I'm speaking to you from the traditional and unceded territory of the Algonquin Anishinaabeg People. I'm really pleased to have the chance to address the Certified Fraud Examiner community – this gathering is an excellent opportunity to exchange knowledge and best practices, and to build on the partnerships that are so critical to combatting fraud and financial crime more broadly. Today, I want to provide a brief overview of Canada's Anti-Money Laundering and Anti-Terrorist Financing Regime – and FINTRAC's unique mandate within it. I'll focus, in particular, on our role in helping to combat fraud. Regardless of the type of fraud – be it mass marketing, mortgage, romance or another type – these illicit activities have one thing in common: they're all about generating profit. I'll also share with you some of the pandemic-related fraud that we've seen in the reporting that we receive from business subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. And, finally, I'll discuss the results that we are achieving through Project Chameleon, our innovative public-private partnership that brings together Canada's financial institutions, law enforcement and FINTRAC to combat romance fraud by following the money. As you will see, financial intelligence is a very powerful tool in detecting and targeting these types of profit-driven crimes. A former Director of the FBI once said that the "fraudster's greatest liability is the certainty that the fraud is too clever to be detected." Working together, in partnership, we can ensure that we're one step ahead of even the most clever fraudsters – and that we can protect our people, our businesses and our financial system. With exactly this in mind, the Government of Canada has established a robust and comprehensive regime to combat money laundering and terrorist activity financing – crimes that threaten the safety of Canadians and the security of communities across the country and around the world. Canada's Anti-Money Laundering and Anti-Terrorist Financing Regime is led by the Department of Finance Canada and consists of 13 federal departments and agencies, including the RCMP, FINTRAC, the Canada Border Services Agency, the Canada Revenue Agency, CSIS and the Public Prosecution Service of Canada. Provincial and municipal law enforcement bodies and provincial financial sector and other regulators are also involved in combating these illicit activities. Within the private sector, there are more than 24,000 businesses – including accountants, banks, casinos, money services businesses, real estate, securities dealers and others – that play a critical frontline role in Canada's efforts to prevent and detect money laundering and terrorist financing. The Financial Action Task Force, which sets international anti-money laundering and anti-terrorist financing standards, recently recognized Canada's efforts to strengthen our comprehensive Regime and upgraded our assessment ratings. For our part, as Canada's anti-money laundering and anti-terrorism financing regulator, FINTRAC is responsible for ensuring the compliance of businesses with requirements under the Act, including to establish a compliance program, identify clients, keep records and report certain types of financial transactions such as international electronic funds transfers and suspicious transactions. Compliance with the broader legislative and regulatory obligations provides important measures f