- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2024-01-09T17:24:00
Canada’s financial intelligence agency aims to increase its use of artificial intelligence (AI) technology to improve its capabilities to analyze data and detect suspicious activity, according to an agency official.
Donna Achimov, deputy director of supervision at the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), told Reuters in a report published Monday of the agency’s plans to leverage AI. Opportunity areas, she said, include scanning for suspicious transactions or improving paths to collaboration with financial institutions.
Achimov also serves as chief compliance officer at FINTRAC, according to her LinkedIn profile.
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The Financial Transactions and Reports Analysis Centre of Canada is reportedly preparing to issue its largest fine to date against TD Bank for faulty anti-money laundering controls.
Experts expect improvements in the U.K. Financial Conduct Authority’s use of data and reporting means a heightened obligation for timely compliance by companies subject to its remit.
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