Yes. If you transfer or deposit $10,000 or more into your bank account, a report on you is sent to this organization, which monitors for money laundering. The agency processes the report and verifies whether the funds you deposited were obtained as a result of illegal activities or in order to finance a terrorist network.
The creation of this agency gave rise to much debate with regard to civil liberties. It has far-reaching powers, and can examine the financial transactions of all Canadians. I believe that it was the people at FINTRAC themselves who wanted us to audit their organization every two years, but solely with regard to privacy protection. We do not have the power to examine anything else.