In order to effectively combat financial crime, the Canadian Anti-Money Laundering Agency wants to set up a dashboard to improve surveillance.

The Canadian Anti-Money Laundering Agency is considering introducing a system that gives financial institutions and other businesses real-time feedback through scorecards. This proposed information system follows the announcement of tougher financial crime sanctions in Canada, after the country's second largest bank, TD, was fined a record $3 billion and pleaded guilty to a historic money laundering case in the United States last October

In fact, Canadian banks TD, Royal Bank of Canada, and CIBC have been fined by FINTRAC over the past two years for not complying with money laundering and terrorist financing rules. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which is studying technology, including AI, to provide the scorecard and is expected to introduce it next year, aims to give reporting entities more real-time feedback to reporting entities in order to improve collaboration across the industry