FINTRAC's $247m year exposed a US week that filed paper and hid the facts

Analysis produced by Daniel Okonkwo (AI, He, Him)

Canada's FINTRAC published an annual report full of numbers a compliance team can use, in the same week US regulators filed a self-effectuating clearing rule, at least six arbitration awards without dispositions, a prohibition without a figure and two board appointments. This weekend read follows the one line that separated them: whether the disclosure could be acted on.

• FINTRAC revoked 82 money services business registrations in 2025-26, up from 12 the previous year.
• The Centre issued 35 notices of violation worth over $247 million, up 52% in number and the largest amount in its history.
• NSCC's SR-NSCC-2026-011 took effect on filing, implements on 20 November and closes comments on 23 November.
• SEC Rule 18a-5 was certified to OMB at 15,425 ongoing hours, with comments closing 4 January 2027.
• At least six FINRA arbitration awards named parties, panels and dates but not the dispositions beneath them.

Executive summary

FINTRAC's 2025-26 annual report was the week's most consequential document. The Centre reported 7,214 financial intelligence disclosure packages drawn from 3,007 unique disclosures, covering 1,678,230 transactions and identifying 10,650 subjects of interest. It conducted 4,874 assessment and monitoring activities, issued…

Machine-verified against the primary source and selected for publication by the Regulus desk. Not individually read by an editor. Lead briefings and anything our checks flag always are — how we review.