Posted by & filed under Accounting Careers, Fraud, Internal control.

Description: The Financial Transactions and Reports Analysis Centre of Canada – often referred to as Fintrac – is reporting that money from illegal activities is being laundered through online gambling. Fintrac uses “big data” searches of millions of transactions as part of its investigative toolkit. Fintrac’s report focuses on gambling online in Canada between 2016 and 2023. As had been abundantly clear for anyone who watches sports on television, Canada’s sports betting industry has exploded in recent years.

Date:  January 18, 2024



Discussion points:

1) How many of your classmates have used online sports betting? How do your fellow students feel about the industry?

2) Have you ever considered a career with an agency like Fintrac following your graduation? What type of skill set do you think Fintrac would be looking for?

3) Page 7-3 of Wiley’s Financial Accounting: Tools for Business Decision Making lists the five primary components of good internal control systems. Which of these components do you believe would be the most crucial in helping to prevent or detect money laundering ?

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