Real Estate Council of Alberta Fundamentals Practice Exam

Which organization is responsible for the collection, analysis, and disclosure of information related to financial transactions in Canada?

1. Canadian Security Intelligence Service

2. Royal Canadian Mounted Police

3. Financial Transactions and Reports Analysis Center of Canada

4. Canada Revenue Agency

The correct answer is: Financial Transactions and Reports Analysis Center of Canada

The organization responsible for the collection, analysis, and disclosure of information related to financial transactions in Canada is the Financial Transactions and Reports Analysis Centre of Canada, commonly known as FINTRAC. This agency plays a crucial role in the country's anti-money laundering (AML) and counter-terrorist financing (CTF) efforts. FINTRAC is mandated under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, and it operates independently to ensure that financial institutions and certain businesses report suspicious transactions. The data collected is used to identify financial crimes and assist law enforcement agencies in investigations, making it a vital component of the financial regulatory framework within Canada. Other organizations mentioned have different responsibilities. The Canadian Security Intelligence Service focuses on national security intelligence, while the Royal Canadian Mounted Police deals with law enforcement across a broader range of crime, including organized crime and drug trafficking. The Canada Revenue Agency is responsible for tax collection and administration, rather than financial transaction analysis. Understanding the distinct roles of these agencies highlights the importance of FINTRAC in the specific context of financial transaction monitoring.