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

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When was FINTRAC established?

January 2000
November 2001
April 2002
September 2003

The correct answer is: November 2001

The correct answer is November 2001 because that is when the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) was officially established. This organization plays a crucial role in Canada's fight against money laundering and terrorist financing, as it serves as the country's primary financial intelligence unit. The establishment of FINTRAC was a response to the need for a centralized agency that could analyze financial transactions and provide law enforcement agencies with the necessary intelligence to combat illicit financial activities. This timing is significant in the context of global efforts to enhance financial regulation and scrutinize money laundering activities, particularly following events like the September 11 attacks, which heightened awareness of the need for robust anti-money laundering measures. Understanding the history and establishment of such organizations is essential for comprehending the broader context of anti-money laundering efforts and regulations in Canada and worldwide.