Certified Anti-Money Laundering Specialist Certification (CAMS) Practice Exam

What does FINTRAC stand for?

1. Financial Transactions and Reporting Analysis Centre of Canada

2. Financial Information and Regulatory Authority of Canada

3. Financial Intelligence Network for Transactions and Reporting

4. Financial Investigation and Reporting Analysis Center

The correct answer is: Financial Transactions and Reporting Analysis Centre of Canada

The correct answer identifies FINTRAC as the Financial Transactions and Reporting Analysis Centre of Canada. This agency plays a pivotal role in Canada’s national strategy to combat money laundering and terrorist financing. It is responsible for collecting, analyzing, and disclosing financial intelligence to assist law enforcement and national security agencies in the detection and deterrence of financial crimes. Being the central agency in combating financial crime in Canada, FINTRAC analyzes information submitted by reporting entities and provides actionable intelligence to law enforcement. This involves an understanding of various types of financial transactions and their significance in detecting suspicious activities, which is foundational for professionals in anti-money laundering (AML) practices. Other choices present different variations of the name but do not accurately reflect the official title of FINTRAC, emphasizing the importance of precise terminology in compliance and regulatory matters. The terms used in those incorrect options either misstate the purpose of the agency or mix up the order of words which leads to inaccuracies in their meanings.