Public Safety committee  That is correct.

Public Safety committee  I would not say that it is cryptocurrencies at this time. What we see most is that people can transfer money quickly and internationally using a bank, or what we call peer-to-peer transactions. You can do transactions in that way. The Internet allows people to perform quick and c

Public Safety committee  Exactly. Banks have to be vigilant and follow things closely. They know how to spot those transactions.

Public Safety committee  Yes. They are also informed if transactions are under the $10,000 limit but occur within 24 hours or repetitively. We work a great deal and very closely with the banks to identify money laundering indicators.

Public Safety committee  I would say that it is indeed a major issue, but that the banks do very good work. The percentage of fraud and money laundering disclosures we have received over the past five years has been constant at around 34% to 35%.

Public Safety committee  Authorities are not necessarily informed. It depends on the situation. Banks can indeed transmit information to the RCMP. Our role, however, is to receive suspicious transaction reports and analyze them. Once we are done, we can alert the RCMP or another police force.

Public Safety committee  That is a good question, and I am going to respond in English, because this is getting a bit more technical. As you know, around the world, a lot of this is in English, so if I'm talking cryptocurrencies—in French I think it's cryptomonnaie—we're seeing a couple of things. Yes,

Public Safety committee  Reporting entities are obliged to disclose transactions of $10,000 or more, but when they use the suspicious transaction report, there is no limit. They can report transactions of $200 that take place three or four times a week. Reporting entities are in a position to detect sche

Public Safety committee  We are able to do that. As you said, we do strategic analysis, but we also look at the tactical aspect. We can see the changes that have occurred, if there are any. These past years, we have mainly seen different payment methods, and attempts at anonymity through the use of cryp

Public Safety committee  Thank you, Mr. Chair, and good afternoon, honourable members. I'm pleased to be here with Mr. Lambert. I have with me Monsieur Juneau, who's going to assist us in flipping through these slides. I would have found it very difficult to do both at the same time. On behalf of FINT

Finance committee  Yes, we work closely with CRA employees. Initially, we helped them set up their data reception system. Both of our organizations use the same system for transactions of $10,000 or more, so we receive the same documents. FINTRAC probably receives more suspicious transaction data t

Finance committee  I hope it was just opening the bank account that.... We won't go there. You're right. You're all PEPs, as is Ms. Semaan. I am actually, as well. When you're a PEP, it simply means that when the bank account is being opened by any institution, credit union or otherwise, they ha

Finance committee  Over $10,000, we get about 19 million a year, and I'd have to divide—

Finance committee  Yes is the short answer, and quite well. We did well over 2,000 disclosures last year. Do we examine every electronic fund transfer that comes into FINTRAC? No. Those that we do not disclose after 10 years are segregated and disposed of. The issue is that we won't know right aw

Finance committee  No, it's large cash transactions of $10,000 or above within 24 hours. The multiple $5,000 in two days within 24 hours would get reported. With electronic fund transfers, it's automatically any electronic fund transfers of $10,000 or more within 24 hours. We also have suspicious t