FINTRAC Shuts Down Systems After Cyberattack

The Canadian Financial Transactions and Reports Analysis Centre (FINTRAC) announced the shutdown of its corporate systems due to a cybersecurity incident.

Details of the incident remain undisclosed; however, it is known that FINTRAC is diligently working on resolving the issue in collaboration with Canadian federal agencies, including the Canadian Centre for Cyber Security (CCCS). The aim of this partnership is the restoration of systems and the safeguarding of information.

Based in Ottawa, FINTRAC was established to detect and investigate money laundering and other financial crimes. The agency plays a pivotal role in Canada’s national security by analyzing suspicious financial transactions, including those linked to the financing of terrorism, and cooperating with the nation’s intelligence and law enforcement bodies.

The motivation behind the incident, whether financial gain or an attempt to access FINTRAC’s intelligence data, remains uncertain. The agency has stated that the attack did not compromise any intelligence or confidential systems.